(1) Railroad companies in this state whose roads cross navigable watercourses in this state shall, upon signal being given by any steamboat for the opening of the draw of any railroad bridge, proceed immediately to open the draw and make ready for the passage of the boat; and as soon as the draw is open and ready, if in the nighttime, they shall hoist a large red light, not less than eight inches (8") in diameter, at least ten feet (10') above the tops of the gallows frame or gallow bitts of the draw; and they shall keep one (1) white light on each end of the draw as a signal that all is ready; and the light shall remain stationary until after the boat has passed.
(2) Any railroad company failing so to do shall forfeit for each and every such failure the sum of one hundred dollars ($100), to be recovered before any court of competent jurisdiction, one half (½) to go to the informer, and the other one half (½) to the common school fund of the state.