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Wanstead

Wanstead

train disaster, with Watts Watts and Co owned m/v Wanstead passing under bridge

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That looks like the Newark Bay disaster of September 15, 1958..
A commuter train of the Central Railroad of New Jersey, approaching the bridge, ran through a number of signals set to danger and the locomotive and the first two coaches plunged into the Bay through the open drawspan. A third coach, apparently the one seen in the picture, hung for about two hours before falling.
48 were drowned in the disaster.
The diesel locomotive crew were all killed and no reason for over running the signals could be determined, although it was theorized that there may have been a medical emergency.

Bruce
 

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I blew up the picture and the details fit.
The train consisted of two locomotives and five coaches.
The locomotives and the first two coaches went through the open draw and were submerged. The third is seen hanging by its rear truck (bogie) and the last two coaches are visible on the bridge.
Fortunately, the first coach was deadheading or there would have been many more fatalities.
The train ran through three signals and was then derailed by a derailer, but its speed was so great it did not stop before the draw. "Deadman" controls were installed on all locomotives after the accident. The bridge was torn down piecemeal in the 1980s.
The photo must have been taken within about two hours of the disaster as the third coach fell into the water within that time and yet the adjoining span is open and ships are passing through.

Bruce
 

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Note the funnel in Port Line colours, which (Port)Wanstead would have worn during the time of her charter(1957-60). What a shot! cheers, Brent
 

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