Waltenberg had gone to the window, and was looking out with some impatience while nevertheless listening attentively. The youth of the man whom he had known only in the midst of wealth and luxury seemed to interest him.

"Of course all three of us entertained vast schemes for the future," Veit continued, with good-humoured self-ridicule. "I was to go abroad and return a wealthy nabob, Reinsfeld was to astound the world with some wonderful invention; we were boys who imagined that the universe belonged to us. But Nordheim, the wise, poured cold water upon our heated brains. 'Neither of you will ever achieve anything,' said he, 'for you do not understand expediency.' We jeered at the calculator of twenty with his wonderful sagacity, but he was right. I have wandered about the world, and have tried my hand at everything, but I have always been poor as a church mouse, and Reinsfeld with all his talent was left in the lurch as a paltry engineer, while our comrade Nordheim is a millionaire and a railway king,--because he understood expediency."

"He certainly has always understood that," Waltenberg said, coolly. "He occupies an extremely influential position---- But there come our guests."

He hastily left the window and went to receive his friends. A carriage had drawn up before the door, bringing Frau von Lasberg and Alice, escorted by Elmhorst. Wolfgang had not succeeded in evading the duty of accompanying his betrothed, and he had no excuse for refusing an invitation which his future father-in law regarded with such favour. He therefore submitted to necessity, but any one who knew him could see that, in spite of the extreme courtesy with which he greeted his host, he was making a great sacrifice. The two men, who had instinctively disliked each other from the first, hid their antipathy under a strictly courteous demeanour.

"Fräulein von Thurgau is late; she drove to the court-councillor's to call for Baroness Ernsthausen." Frau von Lasberg, who gave this information, was rather surprised by it herself. She had supposed that Molly was in the country under the secure guardianship of her granduncle; instead of which a note had arrived in the morning for Erna begging her to call for her on her way to Herr Waltenberg's. Her journey must have been postponed, probably for several days. But the old lady's surprise was transformed to indignation upon the entrance of Herr Gersdorf. Actually a rendezvous! And the ladies of Nordheim's family were made accomplices as it were, since Molly was under their protection. This must not be concealed from the girl's parents: they should hear of it this very day; and Frau von Lasberg, who was not at all inclined to play the part of a guardian-angel, received Herr Gersdorf with icy coldness. Unfortunately, it did not produce the slightest impression upon him; there was an expression of great content upon his grave features, and he took part in the conversation with unusual readiness.

Meanwhile, Erna had called at the court-councillor's, where she had waited in the carriage for five minutes before the little Baroness appeared in a state of great agitation, quite startling her friend by the stormy embrace with which she greeted her.

"What is the matter, Molly?" she asked. "You seem quite beside yourself."

"I am betrothed!--betrothed to Albert," the girl exclaimed, "and we are to be married in three months! Oh, my granduncle is the dearest, most delightful of men! I could kiss him if he were not so very ugly!"

Erna's composure was not so easily shaken as Molly's, but, knowing as she did the views of the entire Ernsthausen family, this news was certainly surprising.

"Your parents have given their consent?" she asked. "And so suddenly? It seemed quite impossible a few days ago."