Preheat oven to 375º
1. Scald milk in a small sauce pan; stir in ¼ cup butter or margarine, ¼ c of the sugar, and salt. Cool to luke warm
2. Sprinkle or crumble yeast into very warm water in a large bowl, until yeast dissolves, then stir into cooled milk mixture
3. Beat eggs in a small bowl; save 1 tbsp for step 7; beat remaining into yeast mixture. Stir in 2 cups of flour, until smooth; beat vigorously 100 strokes, then beat in remaining flour
4. Place in a large greased bowl, cover with a clean towel. Let rise in a warm place away from drafts, 1¼ hours or until double in bulk.
5. Mix almost paste with remaining ¼ c butter, 3 tbsp of remaining sugar, and 2 tbsp of the cold water.
6. Punch dough down, knead until smooth and elastic on a lightly floured pastry cloth or board. Roll out to a rectangle, 20x20, spread with almond filling to almost the edges. Starting on one long side, roll up jelly-roll fashion. Place one end in the center of a greased large cookie sheet, then coil around loosely to make a snail shape, tuck end under. Cover, let rise again 30 minutes or double in bulk.
7. Stir remaining water into saved beated egg, brush over snail, sprinkle with sliced almonds and remaining tbsp of sugar
8. Bake 30 minutes or until golden and loaf gives a hollow sound when tapped. Remove from cookie sheet, cool on wire rack. Serve warm.