CONTAINS SPOILERS
Victim 1: Jimmy Stone
A Priest of Valtiel, a middle aged white male. Nicknamed the 'Red Devil'.
He was murdered by Walter, shot in the back of the head by a gun on the first floor of Wish House Orphanage, and his heart removed (part of
gaining ten hearts). He created the sect of Valtiel and became the head
Priest, to mediate between the Holy Mother sect and Saint Ladies sect of
the Silent Hill cult. The Valtiel sect is closer to God, their ethics are
to worship Valtiel which also means acting as executioners. Wish House
orphanage was run by the Holy Mother sect, his right hand man George
Rosten was also found dead there. Jimmy was nicknamed the 'Red Devil'
because of his triangle-shaped hood.

Victim 2: Bobby Randolph
A black 18yrs old High School student, he was fascinated with the the
strange and unusual, particularly the dark tales of the town of Silent
Hill and the cult there. He shared this interest with his friends Sein
and Jasper. He was strangled to death, his heart removed, and found at
the University campus of Pleasant River. He was a horror fanatic, and
on the day he was murdered he told his two friends that he was going to
look for the devil. Sein Martin, his friend, was killed in the same
manner and at the same location.

Victim 3: Sein Martin
A white 18yrs old High School student and friend of Bobby and Jasper.
They all shared the same hobby, the paranormal. Died in the same manner and location as his friend Bobby. At some point the friends had overheard about someone on the campus being compared to the 'Holy Mother' and a devil from a Silent Hill church, and this started their curiosity and ultimately their deaths.

Victim 4: Steve Garland
Manager of pet shop 'Garland', which we see in the building world of
Silent Hill 4 and later, view the exact scene as it was after the murder
except for his body (signs of a struggle, blood everywhere in the floor).
He is easily angry with people but kind to animals which he has transformed into his own business in Ashfield. He is a white man. He was murdered with a sub-machine gun, although his chest was left untouched, ready for the removal of his undamaged heart. Twenty six years ago a boy came into his shop (Walter) and dropped an animal cage from the shelf and injured an important pet, a kitten.

Victim 5: Rick Albert
Manager of sport's store 'Albert's Sports'in Ashfield which we also venture in, when in the Building world. A middle aged white man who is gentle, kind but strong. He was battered to death by one of his golf clubs, ironically his favourite hobby. His heart was once again taken. He was looking in his warehouse after losing a volleyball when a part-time staff employee rushed in to tell him that the manager of the pet store next door had been murdered, his heart removed and a crest carved into his back (presumably this was Walter while he was still a High School student, and presumably a crest was carved into the backs of all the first ten victims, though we only hear about this one).

Victim 6: George Rostin
Middle aged white male, Priest of the Valtiel (Holy Mother) sect of the
Silent Hill cult. Worked as a right-hand man for Jimmy Stone. He was killed with an iron pipe, heart removed and discovered in the underground alter of Wish House. He taught and trained a young Walter and succeeded in placing inside the boy's unconsciousness, the spirit of Valtiel so that the 21 Sacraments may take place. Yet he lost control of his pupil, the ritual being performed in a different manner than he intended, and he was to become a victim of the very own ritual he preached.

Victim 7: Billy Locaine
Adolescent white male, an elementary school boy.Had a close relationship with his younger sister Miriam. He was killed with an axe in front of the Locaine household in Silent Hill. As he was out playing with his sister, painters painting the roof of his parent's house, a storm came upon the town and Billy's father went to retrieve his son but found his dead body in amongst some bushes.

Victim 8: Miriam Locaine
Adolescent white female, an elementary school girl. As her father had discovered her brother's body, her mother came rushing out of the house only to find to her horror, her brutally dismembered corpse in the middle of the road by the house. Some of her body was missing. [Note: Miriam's body was in a worse state than her brother, which would suggest that Walter perhaps acted out of inherant jealousy and hatred, attacking the female might symbolize the fact that he was deeply disturbed by the fact that he never had a sister himself for comfort, or that he despises the female form. This could be because of its reproductive qualities that go all the way back to his birth and maternal abandonment]. Heart removed.

Victim 9: William Gregory
Owner of Watch and Clock store in Ashfield. An elderly white male. Was
killed by being stabbed with his screwdriver that he used for work.
Heart removed. Sixteen years ago a middle aged man dressed in black
left him a strange watch to repair, but he didn't know why it felt odd.
He was plagued with a dream [effectively the Building world puzzles of
Silent Hill 4 - the upside down room, the volleyball, birthday cake etc].

Victim 10: Eric Walsh
Bartender of Bar Ashfield. A young white male. Shot in the face with a gun, found in his living room. Heart removed. Upon hearing from a customer that the pet shop owner had been brutally killed and the criminal still at large, he was happy to close early and return home on his Birthday. At home his cake awaited him, but his family were nowhere to be seen, only a waiting Walter.[this is the victim we see in the Building world, impaled by the sword of obedience amongst the party banners and the lonely disused cake].

Victim 11: Walter Sullivan
Committed suicide in his jail cell in Silent Hill, by stabbing a spoon
into his neck. Was the victim of assumption. Using the ten hearts he had
harvested from his victims and with the scripture, white chrism and
obsidian goblet he could perform the 'Assumption Ceremony' and escape
the prison of his mortal body, achieving the first sign and able to
carry on his work even further.[NB: it says body was never found though victim confirmed. The body was certainly discovered in the cell and buried, so this may be reflecting on the fact that the body was taken after burial by an unknown party - aka reborn Walter].

Victim 12: Peter Walls
High school student and juvenile white male, a junkie and a coward without marijuana. He was beaten to death, the theme of his murder being VOID.
Found in the Hotel room of South Ashfield. He was getting high in the
alley across from South Ashfield street, rumour being that he bought
the marijuana from Toby Archbolt, the Priest. There was an old ladder
belonging to the hotel next to the allet, he climbed it and was never
seen again, reportedly he shouted just before disappearing from sight,
that he had seen God.

Victim 13: Sharon Blake
A middle aged white female, a housewife, her family are members of the Silent Hill Cult. She was discovered dead in the woods in Silent Hill, having drowned.
The theme of her murder was DARKNESS. Sharon knew the Church of Silent Hill to be a fraud and her family most likely abducted captives. She was refused entry into the Church whenever she tried to see them, and after reading Joseph Screiber's article about child abuse at Wish House, went to the woods, seeing the grave of her son and realising the death of her family...

Victim 14: Toby Archbolt
Middle aged black male, Priest of the Holy Mother sect of the Cult. A gambler and sexual deviant. He was killed after being pushed from a 100m High Cliff in some woods in Mexico. The theme of his murder was GLOOM. The Valtiel sect's influence began to dwindle after the death of it's two Priest's being killed. Seeing opportunity, Toby began illegal dealings (see Wall's death for example) to further strengthen his Holy Mother sect. He reopened Wish House orphanage and was elected to city council for his contributions to the city of Ashfield and its people.

Victim 15: Joseph Schreiber
Journalist, middle aged white male. Theme of death DESPAIR. Also known as 'J', he was interviewing and researching a cult infamous for the negative rumours that surrounded it and had heard the screams from a mother whose son was kidnapped by the cult. He introduced a five page scoop article about them in the gossip magazine 'Concord' to get people's attention.

Previous tenant of room 302 before Henry, an investigative journalist and eventually victim no.15 and of 'despair' for the ritual of the 21 Sacraments. It is no coincidence that his surname his 'Schreiber' which in German means 'writer'.

At the beginning of the game, when Henry awakens in his room which is soaked in evil, it is in fact through the eyes of Joseph Screiber that we are witnessing. This is evident by much of what is said when you choose to examine the objects in the various rooms,he remarks 'Where did this big TV come from...? I thought I had a record player here...', 'That's weird...My red typewriter is gone...', and most notably there is a picture of Henry Townsend on the wall in the living room just in this dream state of room 302, which is commented upon that he does not know who the person is. Of course, in one of Joseph's red diary pages 'AUGUST 2' entry, all comments made in the dream by Henry were actually
observational remarks made and written by Joseph in his diary, and you are merely re-enacting them. In a sense, whereas Eileen has been possessed by Walter during the game, Henry is 'possessed' by the spirit of he previous tenant and his experiences. The scream heard at the start of play in your room may very well be that of Joseph, being killed at the hand of Walter. Speculating further, how the dream ends (victim attacks through wall and you seemingly collapse) may be how Joseph was finally killed and not by Walter, but by presumably, death by fright (he would already have been in a very weakened state after being trapped in his apartment for so long).

Both Henry and Joseph's lives are one of symmetry throughout Silent Hill 4. Only the fact that Henry is able to leave his apartment ends the parallel, but both men were imprisoned in room 302 and subject to hauntings, all because they were 'sacraments' of Walter's ritual in progress. Also noteworthy is that in a red diary entry (concerning the lost Galvin key) he remarks that he suffers from a lot of headaches, recurring every day. Throughout Silent Hill 4 there are moments we see this happen to Henry as well, especially if you obtain the ending '21 Sacraments'. This is in fact the characters slowly becoming possessed so that they may go under Walter's spell and sacrifice themselves to the ritual. This is shown with Eileen who by the end is possessed. It appears Joseph underwent the same fate.

Victim 16: Cynthia Velasquez
White female who was murdered in South Ashfield subway, stabbed multiple times. Her theme of death was TEMPTATION. She usually has nice dreams, and until she met Henry believed herself to be in her own private dreamscape, 'a horrible one at that.'

Victim 17: Jasper Gein
Burned to death in an alter room of Wish House, ground floor. The theme of his murder was SOURCE. We can hear on the special news report on Henry's radio that; 'In a forest near Silent Hill, the burned corpse of a 30yr old male was discovered earlier today. The police have ruled it a homicide and are investigating...'

Victim 18: Andrew DeSalvo
Middle aged white male, guard who watched over the abused children at Wish House Orphanage (and presumably the Water Prison). Theme of his murder was WATCHFULNESS. He was drowned by Walter.

Victim 19: Richard Braintree
Neighbour of Henry's in Ashfield Height's Apartments. Was electrocuted in an electric chair in room 207.

Victim 20: Eileen Galvin
Beaten near to death by Walter, with only 'Little Walter' and Henry's
interferrence possibly stopping her from becoming a victim so soon.
Found in her apartment room of 303, the theme to be of her murder was
MOTHER.

Victim 21: Henry Townsend
Theme of his murder was WISDOM, which he was the RECEIVER of.

Henry Townsend (in his twenties) , main protagonist of the game and our
assumed character, is somewhat of a quiet soul, shy and introverted in
personality. As with any such person, they are usually very introspective
and creative, and we can see some evidence of that by the pictures that
adorn his apartment of room 302. He is obviously a keen and adept
photographer, many pictures that hang on the walls such as in his room
and the living room are by his own hand. He obviously has an eye for
natural beauty that goes beyond the superficial, he remarks 'This is a photo
of the church I ran across while I was visiting Silent Hill,for some reason
I was really attracted by the way it looked, so i took the picture.'

Henry is certainly no stranger to Silent Hill, the tourist town and central
focus of title and previous games. From the pictures we can discern that he has visited Old Silent Hill by way of a vacation, with pictures of what
appears to be Balkan Church and the old lighthouse, both landmarks of Silent Hill 1. One photo,a boy on a bike found below the lighthouse picture says downtown Silent Hill, this I suspect is the same area as it seems that he had not travelled inwards to the part of Silent Hill which we have seen in Silent Hill 2.This may be a crucial fact for another theory (see ending theories).All the photos represent past reminders to the last Silent Hill games (also, Henry comments at one stage on the light house picture that 'There was even rumour that a UFO came flying right by the lighthouse.' - a subtle hint to the 'UFO endings' in the last three games as well.

We can also see that he has a penchant for cars, shown by the car magazine that is on his coffee table, entitled 'Bikkuri Cars' I believe. He is a collector of books, yet for the two years he has been there he hasn't read any of them or even touched them. The television is certainly central to his room, the central focus with the sofa facing towards it, notably a large television. There's also his VCR. Accompany that with the radio on the shelf to the side, and we can visualise a man whose only real contact with the outside world are the devices he has round him, which ground him to reality and essentially, place him metaphorically, in a time stream. Henry otherwise has gone unnoticed, he passes Eileen Galvin his next door neighbour occassionly and they give each other nodding glances of acknowledgement and courtesy, yet no further relationship develops. Nor with any other of his neighbours. The 'Rear Window' Hicthcock style windows are perhaps his only comfort, where he can watch the lives of other people. It may be, and this is purely conjecture, that he hasn't had a gilfriend or a successful relationship before. There are no pictures or mention of a partner, female or otherwise and his shyness, particularly visible with the pleasantries of passing Eileen and when the horror begins, with the irrepressible temptress of Cynthia can support this.

There is a distinct theme of 'the past' and the preservation of it in Silent
Hill 4, Henry, despite two years in the partment room of 302 and ominously having been 'drawn to it' like it was calling out to him, has done little with the place. This would suggest that Henry hasn't really
felt like the place is his (which of course is partly true, it belongs to 'evil'
forces and Walter, as well as the essence of Joseph the previous tennant).
Henry certainly hasn't settled well at all. Accompany that with the comment he makes about the place making him feel 'drawn to it' and you could suggest that he has merely been a pawn of darker forces, moving him into place for a higher purpose. Strange, how the only two rooms in the apartment of 302, the bathroom and the wash/linen room are the only two rooms that have not been altered since he moved in two years earlier, and have remained untainted. Strange once again, how these are the only two places in the entire game where the portals to other dimensions and the influence of the cult attach themselves and seem effective. Preservation is certainly the key word.

Henry remarks that his world has 'gone insane' when he realised he was unable to escape his apartment, which is a strange comment to make. It may be nothing, simply an exclamation that everything has gone 'crazy', but it's an odd remark to make. Instead of asking who might do it, he questions his own take on reality. Perhaps five days of entrapment in that manner has made him question his mentality, but to me it reinforces the notion that he believes the world in which he 'wakes to' to be nothing more than a dream state.

Taken from: [link]