Thanks for all the informed responses.

I took the handles and decorative back plates off to review the
situation.

With handles all the way in the ON position no leaks at all.

The packing nut on the cold could be tightened with my fingertips.

I placed a wrench on each packing nut and tightened 1/4 turn and gained
some "resistance"

Still no leaks with faucets running.

Judging from the "available" length of remaining thread on the packing
nut I have ample room for tightening the nut in the future should some
leaking develop.

I feel more confident now that I won't get a phone call about the
bathroom faucet flooding the house.