The last bridge on the site was built in 1896, just 29 days after the destruction of the previous wooden bridge. A steel truss bridge made of 200-foot (61 m) long prefabricated sections, it carried a single railroad track for the PRR, as well as a two-lane roadway. It was designed to be fire-resistant and flood/ice-resistant, elements that had destroyed previous wooden structures. Like the previous bridges, tolls were collected for passage to recover a portion of the half million dollar investment.

As originally envisioned, the new bridge was to have had two decks, the bottom one for trains and the upper for other traffic. The top deck was never added, and freight and passenger trains shared the planked lower deck with carriages, wagons, and [later] with automobiles and trucks crossing the river on the Lincoln Highway.

In 1930, automobile traffic was rerouted to the newly constructed Veterans Memorial Bridge, just downstream. The steel bridge reverted to only being used by the railroad, although usage eventually diminished considerably as commercial truck traffic on the Veterans Memorial Bridge (then part of US 30) increased. The track was removed and the bridge dismantled in 1963. The stone piers are still present in the river. A historical marker now commemorates the history of the bridge.