Among the best writers of modern ballads (ie songs whose primary purpose is to tell a story) is James Keelaghan. His Cold Missouri Waters has been mentioned above, but there's also Glory Bound, Small Rebellion, Kiri's Piano, Hillcrest Mine and Abraham.

Another is Brian McNeill - just listen to his 'Back o' the North Wind' CD, which has some stunning songs.

I'm also happy to include Judy Small, as someone suggested.

Maybe these aren't ballads in the sense of Child, in that they include reflection - but that may be the modern element about them!