The get-up is pretty typical for the era. The medals for winning various events, and the flag sash indicating a US championship in some sport.
He was also a very competetive bicyclist before motorcycle racing came along. There's a couple of his cycling medals on Ebay right now. A bit pricy, but national championship medals from the US or Canada aren't common. I paid about the same for the US national champions medal I have
http://cgi.ebay.com/c1896-Bicycling-...item3364ce3469
Steve B