“It is your counsels, Loki, that have brought this danger upon us,” quoth Father Odin, frowning.  “You chose the way of guile, which is not our way.  It now remains for you to help us by guile, if you can.  But if you cannot save for us Freia and the Sun and Moon, you shall die.  This is my word.”  All the other AEsir agreed that this was just.  Thor alone was away hunting evil demons at the other end of the world, so he did not know what was going on, and what dangers were threatening Asgard.

Loki was much frightened at the word of All-Father.  “It was my fault,” he cried, “but how was I to know that he was a giant?  He had disguised himself so that he seemed but a strong man.  And as for his horse—­it looks much like that of other folk.  If it were not for the horse, he could not finish the work.  Ha!  I have a thought!  The builder shall not finish the gate; the giant shall not receive his payment.  I will cheat the fellow.”

Now it was the last night of winter, and there remained but a few stones to put in place on the top of the wondrous gateway.  The giant was sure of his prize, and chuckled to himself as he went out with his horse to drag the remaining stones; for he did not know that the AEsir had guessed at last who he was, and that Loki was plotting to outwit him.  Hardly had he gone to work when out of the wood came running a pretty little mare, who neighed to Svadilfoeri as if inviting the tired horse to leave his work and come to the green fields for a holiday.

Svadilfoeri, you must remember, had been working hard all winter, with never a sight of four-footed creature of his kind, and he was very lonesome and tired of dragging stones.  Giving a snort of disobedience, off he ran after this new friend toward the grassy meadows.  Off went the giant after him, howling with rage, and running for dear life, as he saw not only his horse but his chance of success slipping out of reach.  It was a mad chase, and all Asgard thundered with the noise of galloping hoofs and the giant’s mighty tread.  The mare who raced ahead was Loki in disguise, and he led Svadilfoeri far out of reach, to a hidden meadow that he knew; so that the giant howled and panted up and down all night long, without catching even a sight of his horse.

Now when the morning came the gateway was still unfinished, and night and winter had ended at the same hour.  The giant’s time was over, and he had forfeited his reward.  The AEsir came flocking to the gateway, and how they laughed and triumphed when they found three stones wanting to complete the gate!

“You have failed, fellow,” judged Father Odin sternly, “and no price shall we pay for work that is still undone.  You have failed.  Leave Asgard quickly; we have seen all we want of you and of your race.”