Walter Rutland and his wife Lula Nutt Parsley were the parents of Peyton's mother Louise Rutland. He was a freight agent in the Wilmington, NC office of the Atlantic Coast Line railroad.
Walter Rutland's parents were William Henry Rutland and his wife Mary Swain. He was listed on the census as a machinist.
There were numerous Rutlands in North Carolina, including some who were prominent farmers who were very active in acquiring land. There are official records for the immediate ancestors of Louise Rutland Townes. However, pinning things down gets sketchy beyond that.
It's possible that Mary Swain (wife of Luke Peyton Swain) was a cousin of William Rutland, as her mother was Sarah Elizabeth Rutland, daughter of Reddin Rutland, son of John Rutland. However, records about William's parents are unknown, and a connection between he and this other Rutland branch has not been identified.
There are some sites (FamilySearch.com and Wikitree) that contain a tree of the Rutlands extending back to England which are included on this site. However, they lack official sourcing so are open to question.