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I'm not 100% sure what Flag Raising Day is, but judging by the soldiers in parade formation and the multitude of American flags, I'm assuming perhaps it's not too dissimilar from Veterans Day, which is coming up in just a few days (Wednesday, 11/11/09).
This undated postcard shows a view looking to the north along Peachtree Street, just a few blocks north of Five Points. The building with the rounded facade on the left side of the street is the Piedmont Hotel.