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There are two major events that happen in this chapter: Eddard Stark executes someone from the Night's Watch (Gared?); and Jon Snow finds some direwolf puppies after a stag killed the direwolf mom: one puppy for each of Eddard's kids, including Jon Snow, who gets an albino direwolf pup. (This is important because the direwolf is the symbol of House Stark. Now what family has the stag as its symbol? See "Symbols" to find out.)
But what we really get in this chapter is an introduction to many of the Stark family members: dad Eddard, eldest heir Robb, illegitimate child Jon Snow, middle child Bran (who is the POV for this chapter), and Eddard's ward Theon Greyjoy. (Don't worry, we're lost, too.)