Ribbons were tied to spiked railings by villagers calling for them to be replaced.
Residents from Brinscall and Withnell are worried that someone could be hurt by the railings on Railway Road.
Goit River Environment Action Team say they have suggested solutions but claim there has been no action from Lancashire County Council and landowners United Utilities.
So they rallied more than 100 villagers to tie yellow ribbons with messages to the railings on Saturday.
The ribbons will be sent to United Utilities in a plea to replace the railings.
Committee member Alan Wright said: “As villagers we are ashamed of these railings.
“On Railway Road the railings are, in some places, just above a metre, putting them at a height where they could scar someone’s face or worse if they stumble on to them.
“Recently we have seen children climbing over the railings. It is only a matter of time before someone is hurt.”
A United Utilities spokesman said: “The Goit transports water to our Rivington chain of reservoirs. The security fencing is there to prevent access to the site, given its importance to the water network.
“We carried out repair work to the railings on Railway Road last year and will continue to maintain them.
“Public safety is, of course ,important to us and we are looking into the concerns raised by the group.”
Ridwan Musa, highways manager for Lancashire County Council, said: “We have written to the landowners to pass on people’s concerns, but have no powers to ask them to alter or replace these railings.”