Taken from William Pint & Felicia Dale's excellent album 'Hearts of Gold', the Wreck of The Lady Washington is written by Mikki Perry. Credits on the album suggest that you can get a lyric sheet for the whole album from Pint & Dale themselves, but I'm not sure if I'm supposed to put addresses up here, so I won't. However the lyrics as I hear them are:

It was nineteen hundred and ninety one,
On October the seventeenth day.
When the gallant ship, the Lady Washington,
From Pasco sailed away, brave souls.
From Pasco sailed away.

Now the lookout on the foremast peak,
Teddy Keys so young and fair.
He would guide them under that railroad bridge
With only four feet to spare, brave souls.
With only four feet to spare.

Now they were one hundred feet from that railroad bridge
When a green light turned to red.
'Reverse engines, come about,' young Teddy cried out.
'For the bridge is coming down ahead, brave souls.
The bridge is coming down ahead.

Now they were doing four knots and the current was strong,
And that ship just could not stop.
Captain Sandy pulled the tiller and turned her half around
As the bridge continued to drop, brave souls
The bridge continued to drop.

As the bridge came down the lookout aloft
He tried to push that bridge away.
It was a reflex thing, and he knew that it was dumb
But he tried is anyway, brave souls.
He tried it anyway.

As the bridge came down they were struck broadside
And the main mast and gaff did crack.
But they didn't capsize. And no lives were lost.
But they'll probably never come back any more.
Probably never come back.

Now the twenty six passengers aboard that ship,
They were shaken, dazed and pale.
They never reached New Matilla that day
But they'll never forget that sail, brave souls.
Never forget that sail.

'Well, to lose our mast,' our Captain cried.
'Well it grieves my heart full sore.
But to be struck down by a railroad bridge
It grieves me ten times more, brave souls.
It grieves me ten times more.

Now Pasco is a dreadful place
It's a land that's seldom green.
Where the dust storms blow and the trains come and go
But the tall ships are seldom seen, brave souls
The tall ships are seldom seen, anymore
The tall ships are seldom seen.

Hope that helps!