Mrs. Garret asks for a meeting with Sol in which she proposes the formation of a bank in Deadwood. She wants him to run it, backed by her money. During their meeting, she becomes ill with morning sickness and he makes the connection. Later, he tells Bullock what he suspects and Bullock gets a little sick himself. Doc examines Al and determines his condition is improving. Al feels well enough to take a stream of visitors, including Trixie and Wu. He also meets with Miss Isringhausen, accompanied by Adams. She is now fully revealed to be a total badass -- clearly in camp on hire from a third party to screw over Mrs. Garret. A new schoolteacher, Mary Stokes, arrives in camp, and Merrick is quite taken with her. Unfortunately, she witnesses his abuse at the hands of Cy's minions who have wrecked his presses. The dumbest hooplehead in Deadwood, Steve, gets riled into enacting vengeance on Bullock, of course going about it in the way only a totally stupid person would. He, uh, behaves inappropriately with Bullock's horse, and is caught by Hostetler, who ties him up. Things are not so good over at the Chez Amie. Cy has indeed chosen to try and blackmail Wolcott based on his knowledge, via Doris, of Wolcott's unsavory tendencies with whores. Wolcott doesn't take kindly to having been outed. He kills Doris. And Carrie. And Maddie. Joanie takes matters into her own hands, and sees that the rest of the girls from her place are shipped off to safety.
Doc steps out and tells Johnny and Dan that Al's "ready to meet the world," and the grin on Johnny's face says it all. They go up to see him.
Meanwhile, on the porch of the Bella Union, Cy and Wolcott are sharing a cigar. Cy wants to know how much longer he has to keep buying up the claims. Wolcott answers (in Dillahunt's tired, superior tone that is half whine, half Yale Drama Student) that it won't be long now. Cy says this is good, because if it goes on much longer, he might as well start dancing out in the street, baying at the moon, to further his image as a crazy person. Wolcott repeats that "this phase is nearly over" -- they look up to see a wagon being driven onto the thoroughfare by Wu's rival, Lee, and his Tong henchman -- "even as another begins."
In her room at the Grand Central, Mrs. Garret, Ellsworth, and Sol are having a little meeting, complete with tea. I must say, we're seeing a lot of tea being drunk in Deadwood these last few episodes. Mrs. G surprises Sol by proposing that they start a bank, backed by her gold holdings, to be headed up by Sol. You'll remember that Sol and Bullock have had plans to start a bank for a while, so Sol is doubly surprised. Ellsworth watches him warily as Sol hems and haws that, yes, it is a good idea, but his "other obligations" will preclude him from being the man in charge. Mrs. G blanches and must know he's talking about his relationship with Bullock, for she asks, "Oughtn't you, or anyone urging such connections as disqualifying you, think of the good of the camp?" She looks a bit more peaked when she adds, "We all have...complicating obligations..." and gets up to be sick in her wash basin. Ellsworth and Sol stand and give each other a few knowing glances.