William McGurn, chief editorial writer of the Wall Street Journal, thinks Arthur Page had it right. Just as trust and honesty are critical to corporate success, those virtues are also essential if we are to restore confidence in our markets.

Speaking at the third annual New York networking dinner on November 19, McGurn said the new emphasis on ethical behavior in the marketplace is good for the country and long overdue. "The unspoken fear," he said, "is that when people (lose confidence in financial institutions) they will withdraw from the market. We need to cultivate trust and confidence in the marketplace by focusing on the individual virtues (such as integrity and honesty) that have led to success."

McGurn believes market morality can't be based solely on rules and regulations. Nor can business leaders just pay lip service to the new rules. They have to show, he said, that old-fashioned virtues "have gained new credence" and that they are paying more attention to long term needs of their shareowners. The emphasis on meeting short-term expectations, he added, is what caused so many of the problems.

In addition to writing editorials for the Journal, McGurn contributes to a regular op-ed feature called "The Fifth Column." Prior to joining the Journal editorial staff, he worked for Dow Jones overseas publications in Hong Kong and Brussels.

At the dinner, President David Drobis recognized Tom Martin who will succeed him as president in January and the new Board members who were elected at the annual meeting in San Diego. New trustees present at the dinner were Peter Debreceny, Allstate Insurance Co., and Nancy Hobor, Grainger.

Special recognition went to Jack Koten, a founding member of the Page Society and its first president, who is leaving the Board after serving for 20 years. "No one is more dedicated to the principles of this organization and to making sure they are the focus of everything we do," Drobis said in presenting Koten a gift that commemorated his years of dedicated service to the Society. "In so many ways," Drobis said, "you've influenced the direction and accomplishments of the Page Society