Morgan-oriented Seaboard Airline Railway?

[Runyan]

I’m hoping there is someone here more familiar with this topic that could help me reconcile what, at first glance, seems to be conflicting data.

In Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform Chapter 4, Rothbard writes:

https://mises.org/books/cartelization.pdf

The comptroller of the currency was a long-time associate of
McAdoo’s. A Virginia banker and president of the Richmond Trust &
Safe Deposit Company, John Skelton Williams had been a director
of McAdoo’s Hudson & Manhattan Railroad and president of the
Morgan-oriented Seaboard Airline Railway. When McAdoo became
secretary of the treasury, he appointed Williams as one of his two
assistant secretaries.

However in Seaboard Air Line Railway: steam boats, locomotives, and history, Richard E. Prince indicates that Williams & the Seaboard “ran into stiff competition” with Morgan owned railways. (pg 86)

http://books.google.com/books?id=MM2ph3S2V2cC&lpg=PP1&pg=PP1#v=onepage&q&f=false

[Runyan]

OCR’d, some typos may exist:

from New York Times March 28, 1903 page 3 regarding testimony before the ICC:

http://query.nytimes.com/gst/abstract.html?res=9C00E3D7163AE733A2575BC2A9659C946297D6CF

John Skelton Williams, when it came his turn, told how he had consulted with Mr Perkins with a 'view of buying the Louisville and Nashville for the Seaboard Air Line, but he was told that it would not be sold to a road which J. P. Morgan & Co. could not control. Then Mr. Perkins wanted to know if the Seaboard Air Line could be bought, and Mr. Williams told him the road was not for sale at any price.

Mr. Williams said that the gross earnings of the Seaboard Air Line were $12,000.000, the net earnings about $3.500.000. When he had told of Mr. Perkins’s assertion that 4- j. p. Morgan Co. -would not be likely to sell the Louisville and Nashville to any road it could not control," Col. Young asked:

" That let you out, didn’t it? Or, rather it let out your railroad?"

Mr. Williams nodded affirmatively. Later, he said. he asked Mr. Perkins if the latter would sell to the Atlantic Coast Line unless he could control it. and Mr. Perkins said he would not. This conversation was on July 10. In answer to questions, Mr. Williams said:

“The Seaboard Air Line never has been controlled by J. P. Morgan &. Co., and don’t think it ever will be.”

He had suggested to Mr. Perkins that the Louisville and Nashville might be managed as an independent property. maintained jointly by the Atlantic Coat Line and the Seaboard. Such an arrangement, he considered, would have been proper. the Louis-ville and Nashville being a connection of the two rival roads. He -made no direct offer to buy the Louisville and Nashville from Mr Perkins. He negotiated. Harris. Gates & Co.. and made tentative offers to get the road.

Mr. Stetson demanded that the witness narrate the entire conversation with Mr. Perkins, and Mr. Williams produced a memorandum of the conference. He had dictated the memorandum. be said. just after the conversation, and thought it was correct.

The memorandum showed that William G. McAdoo was present at the office of Mr. Perkins. It had been Mr. McAdoo, said the witness. who suggested that he interrogate J. P. Morgan. & Co. about buying the Louisville and Nashville for the Seaboard.

This article does show a closer connection to Morgan, but I’m not sure if it goes far enough to substantiate Rothbard’s claim that Williams and the Seaboard were “Morgan-oriented”, especailly since Morgan and Perkins seemed unwilling to deal with Williams unless Morgan could exert control of the companies.