Little Severin has been stung by a wasp but Weyse is sure its a viper and that immediate action is needed. Morten also wants to see action as Merchant Madsen has bought Molin's timber from Jutland. The meeting between the two business partners turns out quite differently from what Madsen had feared. And Edith has fallen head over heels in love, which is insufferable for Otilia. Otherwise, there is peace between the Molin spouses, after a successful wood sale and the prospect of an even greater profit by helping Frigh. Finally, Fie is faced with somewhat of a dilemma as Miss Duelund from the hat store discovers that Ane has been lying to her.

Copenhagen, January 1933: Weyse has just married Mrs. Aurland. Madsen and Frigh decide to surprise him at the hotel. Fie opens the hotel. The rest of the usual guests show up. Big changes follow.