The Magician's Elephant by Kate DiCamillo (2009) Candlewick

DiCamillo is a wonderful writer.  There is a distinct plot, there is a full cast of characters who are important to the story and who you come to care about, including the elephant, a dog, an orphan, a boy, a policeman and his wife, even an old soldier and a beggar, and of course, a magician.  Every promise in the book is fulfilled, even those you do not realize are promises until they are fulfilled.