Morpheus meets with the visitors who have come to claim the key to Hell. Some threaten his existence, some offer trade, and others hope to bribe the Dream King with items and info he's been chasing for untold time. But who can bear the responsibility?

Still more guests arrive in the dreaming (a contingent from Faerie). A banquet is held, followed by entertainment. Dream says that he will hear formal pleadings regarding Hell, and announce his decision in the Great Hall the following day. That night he is visited by the various contingents, each offering, requesting, demanding or threatening him in one way or another.