Lawrence and Holo travel to Kumerson, where a pagan festival is taking place. Upon arrival, they meet Fermi Amati, a young merchant and Lawrence's fellow guild member. Amati, who seems smitten with Holo, helps them get a room in the trading company. That night, Lawrence asks Holo a few questions about towns neighboring Yoitsu and ascertains that it will probably take another year or two to reach it.

Instead of taking Holo to the festival as planned, Lawrence is taken by fellow merchant Batos to meet Dianna Rubens, an alchemist, to learn more about Yoitsu. She tells Lawrence of a legend about the bear that destroyed Yoitsu and also of a large wolf near the town of Renos who called herself Holo of Yoitsu.

In front of the Merchant Guild, Amati challenges Lawrence, proclaiming he will pay for Holo's falsified debt of 1,000 silver coins and then propose to her, certain that she will leave Lawrence. Lawrence researches Amati, discovering that his plan to pay back the debt relies on the sale of pyrite. Back at the inn, Holo discovers and reads a letter for Lawrence containing an explanation of the legend about the bear that destroyed Yoitsu. When Lawrence returns, she claims that he knew Yoitsu was destroyed the entire time and he has now grown tired of her. Her fit of rage prompts Lawrence to leave the inn.

Lawrence and Holo go see Ligro and are at first awed by the magnificent garden behind his house encased in large glass windows. Ligro brings them downstairs where Holo picks out a few books containing old legends from the north for Lawrence to carry back. Lawrence and Holo spend an enjoyable night together, though Holo later confesses that she is afraid of being separated from Lawrence at the journey's end. After Holo goes to sleep, Lawrence chats with Eve about her business ventures, but she surprises him by asking whether he would like to sell Holo.

Eve explains the plan to Lawrence: they will sell Holo to gain cash, which they will then use to buy the fur in town. The fur will then be sold in turn at a profit, and Holo will be bought back. After Lawrence explains it to Holo, she also agrees to the plan, hoping Lawrence will be more selfish and use the profit to achieve his dream. Later, Lawrence's digging around town reveals that Eve is trading in salt and that the church in town is aiming to become more powerful in the region and Eve had a disagreement with the bishop but Lawrence and Holo resolve to go with Eve's plan nonetheless.