The refrain and the song about Charlie was more based on The Ship That Never Returned than on The Wreck Of The Old (Southern) 97. Henry Whitter wrote "97" along two with others and he first recorded it in the mid 1920's using a modified "Ship" tune. Vernon Dalhart recorded it a bit later along with the Prisoners Song on the flip side. That record is said to have been the first million seller.
I believe that MTA was first recorded by The Almanacs or Weavers and it was a political campaign song.