Inspired Thought - What is this in his hand?

In Inspired Thought - Jungfrau Director's Cut and the longer version, there is a scene where there is silence as the sole character runs over the second bridge. A few scenes earlier he had removed his hat while running along the river pathway.

The scene here although appearing in the film 'Inspired Thought' & 'Inspired Thought - Jungfrau Director's Cut' was not actually filmed for those titles. Rather, this filming was extra unintended filming from the film 'Men of Convention'

The assumption on seeing this scene, in the frame above, is that the character has removed his hat and is still carrying it in his hand. In the film, because the scenes change so fast and the character is running, you can't tell what he is holding in his right hand, but you naturally assume it is his hat, removed from the previous scene. But in real life this filming had no connection with the scene of 'hat removal river run.' 

So this was unintended footage, so why is Mr ponytail running? In real life, simply to quickly turn off the camera, it saves memory space on the SD card. And why is he running in the movie? The same reason he is running in all the previous scenes.

I'm quite sure that, if I didn't mention it no-one would ever know. But what is the guy holding in his hand in the frame above anyway?