A data communications system between fixed and moving terminals wherein a conductor connected to the fixed terminal and disposed in the travel path of the moving terminals supports lateral guidance control information for the moving terminals as well as two-way inductive data communications between the fixed terminal and the moving terminals. The fixed (wayside) terminal transmits over the conductor an alternating current lateral guidance signal modulated in accordance with longitudinal control information for each of the moving terminals. Each of the moving terminals, in turn, transmits status information over the conductor to be used for developing control information at the fixed terminal. The fixed terminal employs hybrid transformer techniques in conjunction with precision filtering to enable reception of low-level status information from the moving terminals and concurrent rejection of the modulated lateral guidance signal and other interfering signals.