Like many businessmen going into Government service, New York's Harold Elstner Talbott Jr. gave up a good deal to join the Eisenhower Administration as Secretary of the Air Force. He sold his stock holdings (more than $700,000 worth), resigned as director of Chrysler Corp., cut all his business connections except one: half ownership of Mulligan & Co., a small Manhattan firm (15 employees) engaged in clerical-efficiency studies. Last week that side interest had Harold Talbott in trouble.

Out of the Files. Before taking office in 1953, Talbott told the Senate Armed Services Committee about Mulligan & Co....

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