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"In a forest of mixed growth somewhere on the eastern spurs of the Carpathians," (Saki page 189). "scandals had embittered the relationships between the families for three generations". (Saki page 190)

Two rich families have been rivals for centuries over hunting and land in a dark snowy forest. This is the exposition and tells us a lot about the setting and the intro

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"The two enemies stood glaring at one another for a long silent moment. Each had a rile in his hands, each had hate in his heart and murder uppermost in his mind." (Saki page 190). "a mass of falling beech tree had thundered down on them." (Saki page 190)

The two heads of the household encounter each other in the forests with rifles pointing at each other. While having a standoff, a large log tumbles on top of them causing them to get wounded and stuck. This is the rising action and this is the part where things get interesting.

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"And you offered me your wine flask.... Ulrich von Gradwitz, I will be your friend.' For a space both men were silent, turning over their minds the wonderful changes that this dramatic reconciliation would bring about" (Saki 192).

After an act of kindness from Ulrich, Ulrich and Georg become decide to become friends and agree to make their families become allies. This is the major decision of story, the most intense moment.

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"No," said Ulrich with a laugh, the idiotic chattering laugh of a man unstrung with hideous fear.  'Who are they?' asked Georg quickly, straining his eyes to see what the other would gladly not have seen.  'Wolves'" (Saki 193)

After making amends, they see shadows in the distance.  The wolves quickly end the story.