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Man in command at Waterloo? (13)

Ross

I believe the answer is:

stationmaster

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'waterloo?' is the definition.
Although both the answer and definition are singular nouns, I don't understand how one could define the other.

'man in command' is the wordplay.
'man in' becomes 'station' (I am not sure about this - if you are sure you should believe this answer much more).
'command' becomes 'master' (mastering is a kind of commanding).
'station'+'master'='STATIONMASTER'

'at' acts as a link.

Can you help me to learn more?

(Other definitions for stationmaster that I've seen before include "Railway employee" , "Railway official" .)

I've seen this clue in The Telegraph.
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