Holtzmann is seated at the back of the room, a portfolio on his lap. Conrad ushers in Baron Ludwig.

Conrad (in the doorway).

If your Excellency will kindly come this way--the doctor is with Madame von Kellinghausen.

Baron Ludwig.

Ah? In that case perhaps I had better----

Conrad.

Madame von Kellinghausen will be here in a moment, your Excellency. The other gentleman has already been announced. (Indicating Holtzmann.)

Baron Ludwig.

Very well. (Conrad goes out.)

Holtzmann (rises and makes a deep bow).