Most good stories start with a fundamental list of ingredients: the initial situation, conflict, complication, climax, suspense, denouement, and conclusion. Great writers sometimes shake up the recipe and add some spice.
Exposition
King of the Slag Heap
Young Jimmie shows his mettle as he battles against neighborhood rivals—all of these kids are tough as nails, and violence is clearly a way of life. This opening event sets the scene for the many forms of violence to come, and it also makes it clear that you have to be a fighter to make it in this game. We also meet Pete. He's older and tougher than Jimmie, and he eggs the younger boy on. Well, until Jimmie's dad shows up, at which point it's time to scram. The exposition has made it crystal clear that violence is everywhere in Jimmie's life.
Rising Action
Home Unsweet Home
You need a flak jacket and a combat helmet to make it through the day in Jimmie's household. His parents are straight-up abusive alcoholics, so shivering in the corner while praying for mercy is a daily event for Jimmie and his siblings, Maggie and Tommie. There are so many complications, you can't even tell which one will be the most important. The fact the novella is named after Maggie gives us a hint that she matters more than just as Jimmie's sister, but what really starts to emerge in this stage is a sense of hopelessness.
Climax
Pete in Shining Armor
Peter reappears on the scene and Maggie looks at the guy like he's one big get-out-of-jail-free card. He has his eye on her, too, plus he's handsome and has a well-paying job, enjoying the good life of beers and music hall entertainment. Maggie's hooked, and her fingers are crossed that her life just might change. Will she get out of the tenement? Will the bartender/natty dresser truly be her hero? Life could hardly get worse, so it's all up from here… or at least Maggie thinks so.
Importantly, as we watch Maggie put all her eggs in the Pete basket, Jimmie and Mom aren't so convinced of his merits. Yes, Jimmie and Mom are pretty terrible in their own right, but still—we realize that Maggie is too attached and thus can't see Pete accurately. She doesn't recognize this, though, which means that in hooking up with Pete, she's really hopped on a train going full speed toward a brick wall.
Falling Action
Not All it's Cracked Up to Be
You know that brick wall we were just talking about? Yeah, Pete's not going to rescue Maggie after all. They had a good run, enjoyed some revues and variety shows, and spent three straight weeks together, but his old lady love has returned and he's done with Jimmie's sis. Adding to Maggie's troubles is the fact that her mom has banned her from the tenement and badmouthed her to all of the neighbors, all because she dated Pete. Thanks, Mom. With no man to take care of her and no home to return to, Maggie turns to the streets.
Resolution
Farewell, Ol' Mag
Crane doesn't soften the blow: Maggie just, well, dies. We don't know how, though suicide seems possible. No matter how she meets her maker, though, when she does, we get to see what a raging hypocrite her mother is, what with all her histrionics about finally forgiving Maggie. Maggie's death is a dark enough note to end on in its own right, but the resolution is only more depressing because we see that the most despicable character—Mom—is the one who endures.