UPDATE: It is more correct to say that it has recently been correctly identified.
Here is a chunk of newly found footage of the US Navy circa 1915…
I don’t know if you follow film history but much has been lost from both the silent and sound eras because the old nitrate film stock was highly combustible and subject to decay. film owners have to work to preserve it. Hollywood was lax about preservation as the earliest film makers had no concept of reruns, residuals, after markets and other concepts we all know now. They thought a film once shown had no further value and were slow to realize that people might want to see a film again. I knew someone who saw Gone With the Wind 35 times. Once was more than enough for me, and studio heads assumed I was the majority. So, they dumped and burned what today would be a valuable library.
Yet people still turn up lost films and this is one thought to be long lost. I would love to have them find more early silent films and newsreel type footage from 1900 on. Amazing the discoveries that are made.
For example, historians have known that there was a photograph taken by pure chance of Adolf Hitler cheering at the outbreak of World War One when he was as obscure as obscure could be. He appears in a crowd shot taken by a photographer recording the declaration. I have seen the photo in texts with a neat circle around the jubilant Hitler who was ecstatic about the coming slaughter. Recently, video footage has been discovered corresponding to the film footage, and a youngish Hitler, mustache and all, is clearly visible in the film as the cameraman pans the crowd.
That is the kind of interesting historical artifact that can be found when “lost” film is rediscovered.