I'm also surprised you don't like it, Peter. It's a pretty unique and extraordinary song, with a lot of grand old archetypes in it...The mysterious outlaw leader, the Jack of Hearts (who is obviously Bob Dylan himself, on some symbolic level). The beautiful woman, Lily, who is secretly in love with the Jack of Hearts, but is having an illicit and none too happy affair with Big Jim...it is implied that she has been forced into the affair, cos Big Jim gets what he wants in that town.
Big Jim, who is the richest and most powerful scumbag in town, the owner of the town's "only diamond mine". Think of him as the owner of Warner Brothers or Capitol, and you've got the picture.
Rosemary - Big Jim's embittered wife, the high society lady with a husband she despises, and a secret admirer of the Jack of Hearts.
The gang - none other than The Band, Dylan's back-up band in 1974 and on many other occasions. In the song, they break into the bank while the Jack of Hearts tries to meet Lily. They "cleaned out the bank safe" (pulled in big concert ticket sales) and "made off with quite a haul, but they couldn't go no further without the Jack of Hearts". Right on.
Big Jim catches the Jack with Lily and is about to shoot the Jack...or maybe both of them...when his wife Rosemary puts a knife into his back!
The next day the Jack skips town, off on the "never-ending tour" he "keeps on keepin' on"...while Rosemary faces the gallows and she "didn't even blink".
Lily stays behind and picks up the pieces, and life goes on.
Talk about an epic and dramatic tale! You could make a great full length movie on the story in this song.
And musically, it works.
- LH