The falling action of the story is the series of events that lead up to the horse's death. These events include the horse's refusal to eat, its collapse, and its struggle to stay afloat in the water. These events create a sense of suspense and dread, and they make the horse's death seem inevitable.
The falling action of the story also helps to develop the narrator's character. The narrator's reactions to the horse's death show that he is a caring and compassionate person. He is also shown to be strong and resilient, as he is able to come to terms with the horse's death.