An expert may correct me but I believe this to be a second bustle era dress this lady is wearing. It looks to be all one dress, one with numerous tiny buttons down the front, beading on the bodice and skirt, and tight fitting sleeves. She is corseted quite smoothly, attesting to the body shaping that is possible with a corset. The reason I think this might be second bustle is the asymmetrical drape on her skirt – more popular during the second bustle era – and the stand up collar. Both these style trends were more popular during the second bustle era. I could very well be wrong, or this dress could be one she had during the first bustle era that she brought back for the second bustle era.
The photographer was Grand Central Studio at 33-35 Oneida St, Milwaukee, Wis. Thanks to Ray Jackson for this lovely cabinet card.