There would seem to be four stages in the composition of a story. First comes the germ of the story, then a period of more or less conscious meditation, then the first draft, and finally the revision, which may be simply pencil work as John OHara calls it that is, minor changes in wording or may lead to writing several drafts and what amounts to a new work.
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About Malcolm Cowley
Malcolm Cowley was a 19th-century American writer. Malcolm Cowley was an American writer, editor, historian, poet, and literary critic. His best known works include his first book of poetry, Blue Juniata (1929), and his memoir, Exile's Return, written as a chronicler and fellow traveller of the Lost Generation and an influential editor and talent scout at Viking Press. Read more on Wikipedia →