Two mermaids can be seen floating along a rocky shore, one of them addressing Hagen, who stands on a slope and holds onto a branch to keep his balance.
The caption reads in the original German:
Ich will dich warnen, Hagen,
Kommst du zu den Heunen,
So bist du arg sehr betrogen.
* Translation by Daniel Bussier Shumway, from The Nibelungenlied, Boston, New York, 1909.