Considerin' the times when the picture was taken, I'd lay odds the photographer didn't think twice about it.
Lookin' at pictures a couple of decades later, look close and you'll see plenty of cartridge belts that have empty loops on plenty of "cowboys".
George and those of his ilk were the real deal and no nonsense.
There's an old photo of Phil Spagenberger where he's dressed in Hickok style and holding one 51 Navy and has a second belted on, he's standing in front of a 'saloon'. It's a stagedf photo, and Phil sent me an 8X10. This photo has been run by G&A a couple of times, but until I gotr the 8X10 one thing that wasn't noticeable before became very clear....the Navy he's holding is loaded. Nice touch I thought.