I believe that the photo was taken at the 1902 U.C.V.
National Reunion held in Dallas. The flag pictured is now
in the Mississippi State Museum. It was placed there in 1916 by the Bynum Family, who had saved it from surrender and had taken it to Texas. They brought the flag to several reunions, but, had lost it for a period of several years before regaining posession of it at the aformentioned
1902 Reunion.
This may indeed be the flag that G. P. Holcombe took to the 1892 reunion in Arkansas. The article does not describe the flag but, does mention three of the battles
that appear as honors on the Bynum flag. I can find no other mention of Holcombe being associated with any flag.
Perhaps he was loaned the flag and then never returned it to Bynum. That would account for the 10 year period of the
Bynum family claiming it to be lost.
Then again, maybe Holcombe did have another alltogether different flag in Arkansas. The flag of the 2nd that was returned to the Governor in 1862 has never been found.!!
We may never discover the truth, but the Texas connection seems to indicate that the said flag is actually the one donated to the State Museum in 1916.
But, ya never know!!!