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    'Yeah,' Eddie said. 'Most of the time, Derry's pretty boring.'

    'Well, I don't know for sure, but I think it's because he wasn't born here,' Mike said diffidently. 'It's like - I don't know - like it's all new to him, or like, you know, if you came in during the middle of a movie - '

    'Sh-sh-sure, you'd want to see the s-start,' Bill said.

    'Yeah,' Mike said. 'There's a lot of history lying around in Derry. I kind of like it. And I think some of it has to do with this thing - this It, if you want to call it that.'

    He looked at Bill and Bill nodded, his eyes thoughtful.

    'So I was looking through it after the Fourth of July parade because I knew I'd seen that clown before. I knew it. And look.'

    He opened the book, thumbed through it, then handed it to Ben, who was sitting on his right.

    'D-D-Don't t-t-touch the puh-puh-pages!' Bill said, and there was such urgency in his voice that they all jumped. He had fisted the hand he had cut reaching into Georgie's album, Richie saw. Fisted it into a tight, protective knot.

    'Bill's right,' Richie said, and that subdued, totally un-Richielike voice was a powerful convincer. 'Be careful. It's like Stan said. If we saw it happen, you guys could see it happen, too.'

    'Feel it,' Bill added grimly.

    The album went from hand to hand, each of them holding the book gingerly, by the edges, as if it were old dynamite sweating big beads of nitro.

    It came back to Mike. He opened it to one of the first pages.

    'Daddy says there's no way to date that one, but it's probably from the early or mid-seventeen-hundreds,' Mike said. 'He repaired a guy's handsaw for a box of old books and pictures. That was one of them. He says it might be worth forty bucks or even more.

    The picture was a woodcut, the size of a large postcard. When Bill's turn came to look at it, he was relieved to see that Mike's father had the land of album where the pictures were under a protective plastic sheet. He looked, fascinated, and he thought: There. I'm seeing him - or It. Really seeing. That's the face of the enemy.

    The picture showed a funny fellow juggling oversized bowling pins in the middle of a muddy street. There were a few houses on either side of the street, and a few huts that Bill guessed were stores, or trading posts, or whatever they called them back then. It didn't look like Derry at all, except for the Canal. It was there, neatly cobbled on both sides. In the upper background, Bill could see a team of mules on a towpath, dragging a barge.

    There was a group of maybe half a dozen kids gathered around the funny fellow. One of them was wearing a pastoral straw hat. Another had a hoop and a stick to roll it with. Not the sort of stick that would come with a hoop that you bought today in a Woolworth's; it was a branch from a tree. Bill could see the bare knobs on it where smaller branches had been lopped off with a knife or a hatchet. That baby wasn't made in Taiwan or Korea, he thought, fascinated by this boy who could have been him if he'd been born four or five generations before.

    The funny fellow had a huge grin on his face. He wore no makeup (except to Bill his whole face looked like make-up), but he was bald except for two tufts of hair that stuck up like horns over his ears, and Bill had no trouble recognizing their clown. Two hundred years ago or more, he thought, and felt a crazy surge of terror, anger, and excitement rush through him. Twenty-seven years later, sitting in the Derry Public Library and remembering his first look into Mike's father's album, he realized he had felt the way a hunter might feel, coming upon the first fresh spoor of an old killer tiger. Two hundred years ago . . . that long, and only God knows how much longer. This led him to wonder just how long the spirit of Pennywise had been here in Derry - but he found that was a thought he did not really want to pursue.

    'Gimme, Bill!' Richie was saying, but Bill held the album a moment longer, staring fixedly at the woodcut, sure it would begin to move: the bowling pins (if that's what they were) which the funny fellow was juggling would rise and fall, rise and fall, the kids would laugh and applaud (except maybe they wouldn't all laugh and applaud; some of them might scream and run instead), the mule-team pulling the barge would move beyond the borders of the picture.

    It didn't happen, and he passed the book on to Richie.

    When the album came back to Mike he turned some more pages, hunting. 'Here,' he said. This one is from 1856, four years before Lincoln was elected President.'

    The book went around again. This was a color picture - a sort of cartoon - which showed a bunch of drunks standing in front of a saloon while a fat politician with muttonchop whiskers declaimed from a board that had been set between two hogsheads. He held a foamy pitcher of beer in one hand. The board upon which he stood was considerably bowed with his weight. Some distance off, a group of bonneted women were looking at this show of mingled buffoonery and intemperance with disgust. The caption below the picture read: POLITICS IS THIRSTY WORK, SEZ SENATOR GARNER!

    'Daddy says pictures like this were really popular for about twenty years before the Civil War,' Mike said. 'They called them "foolcards," and people used to send them to each other. They were like some of the jokes in Mad, I guess.'

    'Suh-suh-satire,' Bill said.

    'Yeah,' Mike said. 'But now look down in the corner of this one.'

    The picture was like Mad in another way - it had as many details and little side-jokes as a big Mort Drucker panel in a Mad magazine movie take-off. There was a grinning fat man pouring a glass of beer down a spotted dog's throat. There was a woman who had fallen on her prat in a mudpuddle. There were two street urchins slyly sticking sulphur-headed matches into the soles of a prosperous-looking businessman's shoes, and a girl swinging from her heels in an elm tree so that her underpants showed. But despite this bewildering intaglio of detail, none of them really needed Mike to point the clown out. Dressed in a loud checked vest-busting drummer's suit, he was playing the shell-game with a bunch of drunken loggers. He was winking at a lumber jack who had, to judge by the gape-mouthed look of surprise on his face, just picked the wrong nutshell. The drummer/clown was taking a coin from him.

    'Him again,' Ben said. 'What . . . a hundred years later?'

    'Just about,' Mike said. 'And here's one from 1891.'

    It was a clipping from the front page of the Derry News. HUZZAH! the headline proclaimed exuberantly. IRONWORKS OPENS! Just below this: 'Town Turns Out for Gala Picnic.' The picture showed a woodcut of the ribbon-cutting ceremony at the Kitchener Ironworks; its style reminded Bill of the Currier and Ives prints his mother had in the dining room, although this was nowhere near as polished. A fellow tricked out in a morning coat and tophat was holding a large pair of open-jawed scissors above the Ironworks ribbon while a crowd of perhaps five hundred watched. Off to the left was a clown - their clown - turning a handspring for a group of children. The artist had caught him upside down, turning his smile into a scream.

    He passed the book on quickly to Richie.

    The next picture was a photograph under which Will Hanlon had written: 1933: Repeal in Derry. Although none of the boys knew much about either the Volstead Act or its repeal, the picture made the salient facts clear. The photo was of Wally's Spa down in Hell's Half-Acre. The place was almost literally filled to the rafters with men wearing open-collared white shirts, straw boaters, lumbermen's shirts, tee-shirts, banker's suits. All of them were holding glasses and bottles victoriously aloft. There were two big signs in the window. WELCOME BACK, JOHN BARLEYCORN! one read. The other said: FREE BEER TONIGHT. The clown, dressed like the biggest dandy you ever saw (white shoes, spats, gangster pants), had his foot on the running board of a Reo auto and was drinking champagne from a lady's high-heeled shoe.