At the end of each year, news staffers at The Wall Street Journal get a pointed reminder sent to their homes: a copy of the paper's ethics code.

They're told to re-read and sign it. And then they turn to an accompanying questionnaire that asks such things as "Have you engaged in any short-term trading in the last six months?"

The annual mailing is part of a conscious effort at the Journal to keep ethics a living part of the paper's culture, says Barney Calame, deputy managing editor and the paper's informal ethics czar.

"I can say to you, not specific to the [San Jose] Mercury, that I think it's very important that the code of conduct be applied and discussed and talked about and even debated because that's what makes it part of a culture," he said.

At The New York Times, a link to the paper's ethics code appears each time reporters enter the in-house, intranet system, says the paper's spokesperson, Nancy Nielsen. Reporters also get a copy during their orientation and are sent an addendum whenever it is changed.

Visitors to the home page of TheStreet.com are able to link directly to the company's ethics policy.

Just how tough it can be to establish consistent principles of journalistic ethics is evident by reading through the codes of a half-dozen newspapers and online news organizations.

"I'm a little unsure about what to do with some of these questions," says Leo Wolinsky, managing editor for news at the Los Angeles Times. "You could create a situation where a reporter is placed totally outside of society because of the need not to have conflicts."

Should, he asks, a real estate writer not own a home?

"I think the bottom line is common sense, understanding what your mission is, and disclosure," Wolinsky says.

Other editors, and their papers, spell out more specific requirements.

Regardless of their content, ethicists say, codes will carry more weight if they're visible, frequently discussed and updated often. Here are excerpts from a few codes that pertain to business journalism and investment:

  The Wall Street Journal (and other Dow Jones companies)

"All Dow Jones employees are expected to conduct themselves at all times in a manner that leaves no grounds for belief, or even suspicion, that … an employee, an employee's family, or anyone else connected to an employee made financial gains by acting on the basis of 'inside' information obtained through Dow Jones employment before that information was made available to the general public.

"In making personal investments, all employees must avoid speculation or the appearance of speculation. No employee of Dow Jones may engage in short selling of securities. … All news and advertising personnel … must hold … securities for a minimum of six months unless, in order to meet some special need, they get prior permission.

"No news or advertising personnel assigned to report or call on a specific industry may buy or sell securities in any company engaged, in whole or significant part, in that industry, nor may any member of the immediate family of any such employee do so."

  The New York Times

"Staff members working for the Business/Financial section of the paper may not play the market. In other words, there must be no in-and-out trading in any securities (including no short selling, no trading of options, no trading in futures, no trading in junk bonds) lest this create an appearance of access to and use of information not generally available to the public. Buying and selling the same security within a one-week or two-week period would usually constitute in-and-out trading.

"Business/Financial reporters may not own stock in companies they are likely to write about as part of their usual assignments.

"Because of the sensitivity of their positions, the Market Place writer, the regular writer of the daily stock market column and reporters regularly assigned to the coverage of mergers and acquisitions may not own stock in any company. (As noted below, they may, however, hold investments in mutual funds.)

"The Business/Financial editor, the deputy, and the Sunday Business editor should be particularly cautious of conflict. In order to avoid even the appearance of conflict, these individuals should advise the Chief Financial Officer of The New York Times Company in writing on an annual basis of their stock holdings and of any trades if they own securities. (This procedure will also be followed by the Executive Editor and the Managing Editor.)"

  TheStreet.com

"To avoid even the appearance that TheStreet.com's reporting is driven by personal interest, TheStreet.com does not permit any employees on its editorial staff to individually hold positions in individual stocks.

"Editorial staffers are permitted to hold mutual funds. If a staffer writes about a mutual fund in which he or she holds shares, appropriate disclosure is made."

  The San Jose Mercury News

"A profession that subjects people and institutions to intense and constant scrutiny must itself maintain the highest principles.

"As a general guideline, staff members should not make news decisions about companies (publicly or privately held) in which they or their spouses have financial interest or hold stock. Because of the appearance of bias, staff members should avoid making decisions about such firms' competitors as well. Shares held in a fund are excluded.

"Business Department staffers and others who frequently make business news decisions should not be investors in local businesses."

  CNET NEWS.COM

"All CNET employees are expected to go out of their way to avoid any appearance of impropriety in regards to securities transactions or trading on inside information about any company they cover. CNET doesn't want to prevent its employees from investing in their financial future, but employees must avoid any activity that might be perceived as speculation or misuse of information they obtain through their jobs.

"No editorial employee should trade in the shares of a company he or she writes about on a regular basis.

"Employees should wait at least two full trading days after the publication of a CNET article that could affect the price of a stock before making any transactions in that particular company/stock."

  Los Angeles Times

"A key recommendation: Whenever a question of conduct arises, discuss it with a supervisor who can either resolve the issue, or take it to those who can help resolve it. Communication is the key.

"Staff members with investments or stock holdings in corporations should avoid making news decisions that involve these corporations. If it is impossible to avoid them, these potential conflicts should be disclosed to a supervisor."