Oct. 3--Market turmoil took a toll on entrants in The Blade's Stock Market Game last month. Most portfolios lost ground, and fewer than 3 percent are in positive territory for the year.

"Just 21 portfolios are positive out of 874," said Christina Wegner, a financial adviser at the Toledo office of Smith Barney, a contest co-sponsor.

Garry Mills, of Waterville, overtook Leonard Giesige, of Hamler, Ohio, for a narrow lead.

"It's hard to believe," said Mr. Mills, a 55-year-old parks employee for the city of Sylvania. "Looking at the stock market, it's hard to believe anybody's in first place."

For the year, Mr. Mills' hypothetical portfolio is up 24 percent to $49,760 after losing $3,411 during the month.

But Mr. Giesige's portfolio plummeted $15,138 in September to $49,651.

Still, the first-place and second-place entrants each show 24 percent gains for the year and are separated by just $109.

The major difference between the portfolios: Emergent Biosolutions Inc.: Mr. Mills owns it. Mr. Giesige doesn't. Shares of the Rockville, Md., firm, which makes anthrax vaccines and other immunobiotics, have climbed 159 percent since the start of the year.

The contest leader's stake in the company has grown to $25,870 from $10,000.

Other companies in his portfolio, Universal Display Corp., Dendreon Corp., and Taiwan Semiconductor Manufacturing, are in the red.

It's not surprising that most portfolios lost ground in September, said Ms. Wegner, of Smith Barney.

Stocks were swept up in a fast-moving credit crisis that included a federal loan to insurer American International Group; takeover of mortgage giants Fannie Mae and Freddie Mac; bankruptcy of investment bank Lehman Brothers; sale of broker Merrill Lynch; federal guarantee for money-market mutual funds; and proposed $700 billion taxpayer-funded bailout of the financial sector.

Entrants in the contest each divided an imaginary $40,000 equally among two stocks from the New York Stock Exchange and two from Nasdaq. The stocks had to trade for at least $5 a share by Dec. 31, 2007. Each contestant was allowed to change one stock midyear.

The portfolio with the biggest gain by the end of the year wins. First prize is $200 in cash and a three-day/two-night trip for two, including transportation and hotel, to Chicago, Toronto, or Tampa during 2009. Travel arrangements will be made by contest co-sponsor Central Travel of Toledo.

Second place receives $300 in cash; third place, $200.

The Blade's dartboard picks, chosen at random by four member of the business news staff, have fallen 11 percent to $35,418. But they place 91st out of nearly 900 contestants.

The other contest leaders and their portfolio values are Tom Moran, Toledo, $49,009; Mary Humpert, Temperance, $46,645; Dan Stacy, Gibsonburg, $46,356; Jan Rizzo, Sylvania, $46,150; Michael Soubeyrand, Holland, $45,729; Jon Dresher, Grand Rapids, $45,586: William Ervin, Maumee, $43,737; and James Wiederhold, Ottawa Lake, Mich., $42,459.

Contact Gary Pakulski at: gpakulski@theblade.com or 419-724-6082.

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