The body of Ray Brower

"The train had knocked Ray Brower out of his Keds just like it had knocked the life out of his body. The kid wasn't sick. The kid wasn't sleeping. The kid was dead."

Ray Brower, although not an important character to the story, holds a placemarker for the mystery that is death. For Gordon, this is his chance to come to terms with his brother's death, and for the other boys, it's a way to prove themselves to the town. To find Ray Brower is to prove that they have purpose, that they matter. This is their chance to be the town heroes, instead of the town "losers."

Chris and Gordie accidentally fire a shot

The gun is a universal symbol for danger and the masculine realm. The first one appears when Chris shows Gordon the gun that he stole from his dad's supply while he was sleeping and/or drunk. Gordie, impressed, as any 12-year-old would be, pretends to fire before asking Chris if it's loaded. When Chris assures Gordie it's not, he pulls the trigger and a bullet hits a garbage can. They get away quickly, and luckily, a nearby wailtress only thought it was a cherry bomb. Gordon is upset, but Chris insists that he's sorry, he didn't know it was loaded. The trust has shifted a bit between the two, but after a pinkie swear, they become friends again.

The gun in this film is a symbol of adulthood, as it is an adult weapon and carries the weight of being able to kill, or at least injure someone. That is why the turning point for Gordon's character happens when he picks up the gun and aims it at Ace, who was going to hurt his friends. He knows what death can do, and he isn't afraid to let Ace know of his newfound maturity.

Denny and Gordie in a sweet flashback

The hat is an important symbol to Gordon because it is the proof of his brother's love for him and it is a reminder of Denny. Even though their parent's take the credit for Denny and shower him with attention and affection, while ignoring their more introverted younger son, Denny tried to make his parents see Gordon and to appreciate his talent for writing.

The older gang (Ace, specifically), takes Gordon's hat, even though they know it was Denny's. This proves their ruthlessness and aggression, as well as a lack of respect for Denny, either while he was alive or after his death.

Gordie finds a leech in his underwear

The leeches symbolize the untamed wild as well as youth and sexuality, which can also be described as an uncertain terrain or aspect of nature. 

While playing around in a river, Gordon points out to Vern that he has something on his neck, which he laughs off. Chris agrees that there is something on him, and the boys panic and strip off their clothes to find the leeches, sucking away their youth and forcing them to stop playing around. 

This point is emphasized as Gordie discovers a leech in a very unfortunate place. After pulling off the leech in his boxers, he sees the blood and faints. This emphasizes the horror aspect of the film, which is very Stephen King. 

Gordie, Teddy, Chris, and Vern on the tracks

The tracks are a prominent symbol throughout the entire film. The plot of the movie is technically to find Ray Brower's body beside the tacks, after all. The tracks represent the speed in which children become adults and that life becomes death and life again. They represent adolescence, and the journey from one stage of life to another. It can be dangerous, adventurous, and full of self-discovery.

Because this film is about a journey, it is interesting that the characters are not necessarily on the train, but simply choosing to follow, or not follow the tracks. This connects to the boys' longing to "be their own man," not always staying on the path that was already paved by their family members, their friends, and society itself.

The train on its own could arguably represent death, being the thing that knocks Ray Brower out of his Keds. Within the group, the boys acknowlegde the train before removing themselves from the tracks. But Teddy, unaffected by fear of death, faces a train head on, pretending to shoot it with a machine gun like in all his father's war stories.