Reversal by United

When Morgan-Partner Harold Stanley resigned fortnight ago from the board of United Corp.'s potent affiliate, Niagara Hudson Power Corp., it was explained that Niagara Hudson wanted to replace bankers on its directorate with utilitarians and businessmen familiar with the localities in which its subsidiaries operated. Month before another of United's big affiliates, Commonwealth & Southern Corp., accepted the resignation of three bankers for the same reason. Last week the directors of United, a majority of whom are bankers, met in Manhattan and reversed the process. They accepted the resignation of three active utility men on United Corp.'s board of directors, Presidents Philip Green Gossler of Columbia Gas & Electric, Thomas N. McCarter of Public Service of New Jersey and John Edward Zimmermann of United Gas Improvement Co.

Organized in 1929 by Morgan-Drexel-Bonbright interests, United's business is utility investments. The directors announced last week that bank loans, which had stood at $15,000,000 in 1930 and $5,000,000 at the end of 1933, had been fully paid off, leaving United free to sink its cash in new enterprises.

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