Perhaps the most effective and poignant American story about gift-giving at Christmastime is O. Henry’s classic holiday story, “The Gift of the Magi,” about the jobless couple, Della and Jim Dillingham, and the depth of their charity toward one another.

The tale has been adapted several times for stage but most of those adaptations aren’t as well written as the original version. They try too hard to stretch out a story that is meant to be short.

A musical version, “The Gifts of the Magi,” by Randy Courts and Mark St. Germain, is the holiday show at Penobscot Theatre this year, and although this script also suffers from trying to expand unnecessarily on a simple, straightforward lesson, the production itself is quite entertaining, even heart-warming at times. Director Mark Torres has selected an able cast of six young actors who look good, work well together, and manage to make a rather trite set of songs and situations seem charming.

In addition to the story of the Dillinghams, the writers have included another O. Henry story, “The Cop and the Anthem,” about Soapy Smith, who is also jobless, but he wants to be that way. He is, in fact, a self-proclaimed bum, who tries to get thrown into a warm jail for the holidays but suffers from, well, bum luck. No one will arrest him for the crimes he commits. This added storyline is the perfect complement to the emotional tale of the Dillinghams, and actor Fred Liebfried gives the role some real punch. He’s a most enjoyable clown with wry timing and vaudevillian bits.

David John Madore plays Willi, a newsboy and the show’s narrator. A high school student who has a lot of natural talent, Madore is sweet and snappy in this role. His tenor voice is a scrumptious treat.

Peter Craig Morse and Kimberly A. Horn, as the Dillinghams, are dear as a married couple in dire straits. And Ron Adams and Catherine Mary Moroney, in a variety of fill-in roles, add terrific fun to the show.

Scenic designer Jay H. Skriletz has unfolded a set that works on many levels. Some audience members who are seated in the wings may not agree, but for the most part, the actors try to be sensitive to all areas of this three-quarter-round staging.

Music director Richard M. Pasvogel is equally sensitive about the accompaniment. This is not a performing space that is kind to voices, and much of the clarity bounces up into the high ceiling spaces. But Pasvogel listens and alters his electric piano to suit the sound of the moment.

The writing and music can be banal in “The Gifts of the Magi,” but there’s no weak link in this production. It’s a holiday performance with a message or two that could well last into the new year.

Penobscot Theatre will present “The Gifts of the Magi” 7 p.m. Thursday, 8 p.m. Friday, 8:30 p.m. Saturday, and 2 p.m. Sunday through Dec. 23 at the Unitarian church, 126 Union St. in Bangor. Additional shows will be 5 p.m. Dec. 16 and 23, and 7 p.m. Dec. 20. For tickets, call 942-3333.