I believe it is entirely feasible that both incidents happened as stated. Since it stated that 2nd Sgt. Woltz advanced 100 yards beyond his works, I believe that when the group of men that Delaney fell back to were soon killed or taken prisoner themselves and Woltz simply grabbed it off the ground. He would not have advanced if there was any further resistance in his front.
And yes, I have seen many instances of officers letting men who captured flags keep them instead of sending them to the Confederate war Dept. "trophy room" in Richmond.
Interesting coincidence for sure that both papers (actually the Ark. account is taken from a Chicago newspaper) report virtually the same story, each from a different side.

Richard