Keith,
The only reference that I can find to the colors comes from Lt. Col. W. G. Morris, who writes in a letter dated 1 October 1877 about the charge. Morris places the 7th NC on the far right of the brigade, with the 37th NC next on the left, followed by the 18th, 28th, and 33rd on the extreme left. Toward the end of the charge the brigade split into two parts, precisely at the location of the 37th's colors. The entire 7th and half of the 37th to the right of their colors charged straight ahead under Gen. Trimble's orders, while the remainder of the brigade bore to the left under Gen. Lane's orders. Morris, who appears to have been with the right half of the 37th, says they drove the Federals away from the stone wall, which may suggest his position was opposite where had stood Battery A, 1st Rhode Island, then held by a thin line of the 14th Connecticut, with the 1st Delaware on their right. Morris speaks of the colors in the singular, and it is also not entirely clear if the 37th's colors went straight or moved left when the brigade split. Either way the colors would have an exposed flank.