The episode begins and King Neptune is inviting all the folks on the boardwalk to enjoy the treats the ocean has to offer when bottles of whiskey start washing up on the shore. People flock into the water to collect as much as they can much to Mayor Ed Bader's chagrin. Soon enough, even King Neptune joins them. Gyp Rosetti is angry with Tonino, his main lieutenant, for letting two dozen cases fall overboard. Nucky reads a news article about "sources" saying that Remus was paying off an Attorney General's aide. Gaston Means calls and tells Nucky that Jess Smith will say anything to anyone and it won't be long before Nucky's name comes up. Nucky tells Means that his name would also likely come up.
Means says it would have to be done delicately and offers his services for $40,000. Nucky says he'll get paid when he sees the results. Nucky is sitting around waiting for Slater to show up. Slater arrives and gets info on Masseria from Agent Sawicki. He says Masseria goes to the same Turkish baths at the same time each week on Thursdays. Slater says "that might work". Eli offers to go with Slater as backup, but Nucky tells him to go to Chicago to see Torio and hopefully get backup. Nucky says Gyp will be weak without Masseria's muscle. Slater tells Nucky that Agent Sawicki will be enough backup for him on the New York job. He says more men will increase the chance for mistakes.
Slater says the job "doesn't call for an army, just patience and opportunity". Gaston Means pays a visit to Jess Smith. It tells him he knows Jess has $10,000 from George Remus. He suggests that the bills are marked and could be traced back to him. Jess starts to get anxious but then says the money is still in the envelope. Means tells him he should burn it immediately. Jess leaves and Means drops in on Attorney General Harry Daugherty. Means tells Daugherty it pains him to bring him this news, and then shows Daugherty that Jess is burning money outside. Means aims to convince Daugherty that Jess is going insane. Means turns the conversation toward getting rid of Jess and offers his services for yet another $40,000 and assures Daugherty "he won't feel a thing".
Nucky sits Bill McCoy and gives him an assignment to meet with Gyp and make a deal with him. He tells him to "agree to anything," all he wants is every piece of information McCoy can get about Gyp and his men. Van Alden returns to the Norwegian bartender. The bartender apologizes and Van Alden is suddenly apprehended by two men, one of whom puts a gun to Van Alden's head. The bartender tells him, "They do not give me a choice". Van Alden asks if he's under arrest and there's no response. Lucky visits Masseria with Lansky watching from afar and asks for some money. Lucky tells him Nucky Thompson is looking to make a move on him. He wants to know more, and then agrees to the deal. Now he wants more information about Nucky.
McCoy meets with Gyp and asks about making a deal for McCoy to supply booze. Jess apologizes to Daugherty about his episode that morning. Daugherty tries to reassure Jess that "we all go a little haywire sometimes." Jess tells Daugherty that he's never lost control, even when they were growing up. Harrow and Julia sit on the beach at night talking. Harrow says he wishes he could kiss her, and Julia kisses him. Chalky White drops in to visit Nucky. Chalky proposes a black entertainment club in place of where Babette's was. He's ready to help finance it. He says "nobody want to see that wreck out there," referencing the "hole in the boardwalk." Nucky reminds Chalky of the "dividing line" that exists out there. Chalky says that line can move. Chalky tries again to convince Nucky, but Nucky doesn't budge.
Chalky stands up, offended, and says, "You ain't the only one be thinking". Back in Chicago, Al Capone is questioning Van Alden, who says that O'Banion is "unaware" of Van Alden's selling activities. Al threatens Van Alden, telling him he was selling five blocks into Al's territory while sticking a fork into Van Alden's left cheek. Al then sits back, gives Van Alden a plate of food and asks for everything Van Alden knows about O'Banion's operation. Means walks into Jess' dark room in the middle of the night with a gun. He approaches the bed and the light comes on. Jess walks toward him from the bathroom, pointing his own gun at Means, claiming Daugherty was worried about Jess' well being.
Means does allow for the question of why his gun is "unsheathed" in the hotel, but before he can finish making up a story Jess asks Means, how much Daugherty is paying him to murder him. Jess starts to cry at the thought of Daugherty looking Means in the eye and asking Means to kill him. Means puts his gun down and puts his hands up. "I'll show you how easy it is," Jess says, cocking the gun he still has pointed at Means. Means tremors for a moment and Jess quickly turns the gun on his own head, and pulls the trigger splattering the wall behind him with blood and more. Masseria checks into the Turkish bath, telling the door man he wants it to be private nobody comes in. Agent Sawicki and Slater follow closely behind. Nucky sees Margaret sitting in the dark and tells her this "craziness should all be over in a few days". Nucky apologizes for the fact that he "bollocksed" everything.
He asks if he said it right, and Margaret assures him he did and used it appropriately. Nucky tells Margaret that between her and Slater "the old country is starting to rub off." He vows to make it up to her. Gyp is standing on the shore and feeling good as every bottle in the night's shipment is accounted for. He goes on talking about how his father used math while laying bricks. He talks about how his father came home smelling like sweat, not fish, and died at 50. He says that if he'd spent his career laying around in a boat he might have lived to 100. "Not like your father, right Franco?" he says before we see Franco, Tonino's cousin whose father was a fisherman and talked about the "rogue waves," is buried in the sand up to his head as the tide starts to come closer. Franco pleads with Tonino to protect him.
Tonino begs Gyp not to let his cousin die, maybe just "break his legs" instead. Gyp walks over to Tonino, then puts his arm around Tonino and says, "Family, right?" Gyp takes a shovel and walks over toward Franco. He turns to Tonino and says, "Its cause I respect you". Then Gyp bashes Franco's head repeatedly with the shovel. "You owe me," Gyp tells Tonino as he walks away, with Gyp apparently feeling like he'd let Franco die more quickly that he would have if the waves had drowned him. Eddie wakes Nucky in the middle of the night and says there's "a delivery". Out in the salon, Margaret walks in, asking what's going on, while Eddie pries open a large crate. He pops the top off and Nucky is shocked, telling Eddie to put the top back on and telling Margaret to leave. Margaret instead walks closer and sees it's Slater's dead body inside the crate.
Margaret loses it, crying hysterically and hitting Nucky before she runs out of the room, and Nucky realizes how she really feels. Morning breaks on the boardwalk while Harrow and Julia are asleep under the boards. The waves rush in and more whiskey bottles wash up unnoticed. Margaret is still crying as Nucky knocks on the door. Margaret recalls her earlier conversation with Slater before he left. He leaned in to kiss her and Margaret told him, "I'm pregnant. It's yours. You can do what you choose. Plans or no, I won't hold you to them. But say what you want, as long as it's the truth". "Well, I'd like it to be a boy" Slater says. Slater then walks out. The episode ends at this point.