father sat down to guard his new-gotten treasure. He took in his hand the glittering serpent ring, and gazed into its cold ruby eyes; and, as he gazed, all his thoughts were fixed upon his gold; and there was no room in his heart for love toward his fellows, nor for deeds of kindness, nor for the worship of the All-Father. And behold, as he continued to look at the snaky ring, a dreadful change came over him. The warm red blood, which until that time had leaped through his veins, and given him life and strength and human feelings, became purple and cold and sluggish; and selfishness, like serpent's poison, took hold of his heart. Then, as he kept on gazing at the hoard which lay before him, he began to lose his human shape; his body lengthened into many scaly folds, and he coiled himself around his loved treasures,--the very likeness of the ring upon which he had looked so long. When the day drew near its close, Fafnir came back from the fields with his herd of sheep, and thought to find his father guarding the treasure, as he had left him in the morning; but instead he saw a glittering snake, fast asleep, encircling the hoard like a huge scaly ring of gold. His first thought was that the monster had devoured his father; and, hastily drawing his sword, with one blow he severed the serpent's head from its body. And, while yet the creature writhed in the death agony, he gathered up the hoard, and fled with it beyond the hills of Hunaland, until on the seventh day he came to a barren heath far from the homes or men. There he placed the treasures in one glittering heap; and he clothed himself in a wondrous mail-coat of gold that was found among them, and he put on the Helmet of Dread, which had once been the terror of the mid-world, and the like of which no man had ever seen; and then he gazed with greedy eyes upon the fateful ring, until he, too, was changed into a cold and slimy reptile,--a monster dragon. He coiled himself about the hoard; and, with his restless eyes forever open, he gloated day after day upon his loved gold, and watched with ceaseless care that no one should come near to despoil him of it. This was ages and ages ago; and still he wallows among his treasures on the Glittering Heath, and guards as of yore the garnered wealth of Andvari. [1]Regin, one of the last of the race of Dwarfs, was a master smith and by some said to be the teacher of Siegfried. The story is supposed to have been related to Siegfried in the dusky smithy of the dwarf. THE FORGING OF BALMUNG While Siegfried was still a young lad, his father sent him to live with a smith called Mimer, whose smithy was among the hills not far from the great forest. For in those early times the work of the smith was looked upon as the most worthy of all trades,--a trade which the gods themselves were not ashamed to follow. And this smith Mimer was a