lad; and the old man answered: "Thou choosest well, for he is of the race of Sleipnir, All-Father's horse, that never tires," and, as he spoke, he vanished away; and Siegfried knew that this must be Odin himself. Then 5 he took the horse, which he named Grane, and went back well pleased.

Now, the crafty Regin, seeing that Siegfried was equipped for a long journey, tried to make him greedy for gold, for what purpose you will soon see. He 10 asked, "Where is the treasure of thy father, the Volsung?"

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"It is in the treasure-room of my mother," Siegfried replied; "it is a fair treasure, but I have heard of greater, gathered by some kings."

"Why is it not thine?" asked Regin.

Siegfried laughed and said: "What should I, a boy, do with this treasure? It has no magic in it."

"And wouldst thou have a magic treasure?" asked Regin, keenly.

"I know not," answered the lad. "A great hero can I be without gold or magic."

"But if I could help thee to great treasure and glory, wouldst thou refuse?"

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"Why, surely, nay," quoth Siegfried; "is it not for 25 glory that the Volsungs live?"

"Come, then, and I will

unfold to thee a tale that

hitherto no man has known." And the old man and the

young laid them down under a spreading oak in the greenwood, and Regin told this wondrous story.

The king of the dwarf folk was my father, and I had two brothers. Fafnir, the elder, was greedy and grim; ever would he take the best, and all of the best that he 5 could, for he loved gold. Otter was the second, and his will was to be ever fishing, so that our father gave him the power of changing into an otter, and thus he spent most of his life on the river rocks, landing only to bring in fish. I was the third son, a weak, misshapen thing, 10 but, as thou hast seen, with skill in all metal work.

It chanced one day as Otter slumbered beside a halfeaten salmon, that Odin and Loki passed by. Now, Loki, the wicked one, would ever be at evil, and he caught up a sharp stone and hit Otter, so that he died. Rejoicing, 15 he stripped off Otter's skin, and, casting it over his shoulder, went on with Odin to my father's hall—a golden house of beauty that I had built for him. He, knowing the skin for that of Otter, his son, seized the gods and cried:

"By the beard of Odin, ye go not forth until ye pay 20 me, for my son, as much gold as will cover his skin inside and out."

"We have no gold," said Loki.

"The worse for thee," said my father.

Loki, the crafty, thought awhile; then he said, "If 25 thou wilt give me leave, I will go take Andvari's gold."

Now Andvari was a dwarf, who lived in Otter's river, under a waterfall that was called Andvari's Fall. He guarded a great treasure that he had stolen long years before, from the Rhine maidens in the Southern land. 5 For the most part he took the shape of a pike, so that with the greater comfort he might guard his treasure.

My father gave leave, and Loki hurried away, begged a magic net of the sea goddess, and, casting it under the fall, drew forth Andvari, the pike. "What ransom wilt 10 thou, evil one?" cried Andvari, in terror.

"All thy ill-gotten gold, O dwarf.”

"That shalt thou never have."

So Loki hung the net of the goddess upon a tree, and sat down to watch the great pike struggling and gasping. 15 At last Andvari said feebly, "Put me back in the stream; thou shalt have my gold." And he brought it forth.

But Loki, as he gathered it up, espied one little gold ring around his fin, and said, "Thy red-gold ring must I have also."

20 Then Andvari shrieked with rage, and threw the ring at him, cursing him and the Rhine gold and all that should own it. "To every man that owns it," said he, "shall it bring woe, until it return to the Rhine daughters." And he plunged into the stream and was

25 seen no more.

Back went Loki to the House Beautiful and cast the gold at my father's feet; but the ring gave he to Odin.

Now this ring had the power of making every ninth night eight rings equal in weight to itself.

Then was the fur spread out and covered with gold, first on the one side, then on the other, till but one hair was uncovered. And my father spake, "There is yet one 5

hair showing."

The gods looked upon one another; then Odin drew the ring from his finger and cast it upon the skin, so that the hair was hidden. And the gods departed.

Then Fafnir, my brother, looking covetously on the 10 gold, slew our father for it, and me, being weak, he drove away; and, taking it to a secret place, in the Desolate Land, he changed himself into an awful dragon, the better to guard it; and there is no serpent like unto him, for he is made up of sin and evil. So I have no part in 15 that which is rightfully mine, and I would that thou shouldst win it for thyself, O Siegfried.

Then up sprang Siegfried and cried, "Forge thou me a sword of power, and when my father is avenged, even then will I go up with thee against thy brother, and get 20 thee the gold thou cravest."

And Regin rejoiced that his plan worked, and they went back to the hall of the kings, speaking of the sword that should be forged. After some days he put a sword into the hands of Siegfried, and the lad, looking at it, 25 laughed in mirth.

"Why dost thou laugh?" asked the master.

"Because thy hand hath lost its skill. See!" and Siegfried smote the sword upon the anvil so that it flew in pieces.

5 Then Regin forged yet another, and said, "Hard art thou to please. Mayhap this may be to thy mind."

And Siegfried looked at it, and smote it upon the anvil, so that it split in half. Then he looked keenly upon Regin and frowned, saying: "Mayhap thou also art a 10 traitor like thy kin. Is it thy will that Fafnir should slay me, and so thou forgest me swords of wood? Canst thou do no better than that?" And he turned from the smithy and went to his mother; but Regin was angered at his words and hated him.

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The Queen sat broidering with her maidens, when her son cast himself down by her side, and seeing that he spoke not, she said: "What ails my son? Needs he aught that the King and I can give him?"

"All love and much honor have I ever from thee, 20 mother mine, and for this I owe thee all thanks and obedience. Yet one thing I lack. Have I heard aright that thou hast the pieces of the sword that my father, Sigmund, gave thee at his death?”

"It is true," the Queen said, but her heart was sad, 25 for she knew that their parting time had come.

"Fain would I have them, for with no sword but Gram can I do my life's work."