If you had missed the earlier story 2 issues back, you would probably be lost on this story. It turns out that as society grew it affected the creature that is the abominable snowman and he could not sleep (something to do with his physiology). So not being able take it anymore, he uses a machine to allow him to dream/sleep at others expense. Not to fear Superman solves the problem by placing the creature in eternal "rem" sleep.
As always the Krypton story was very well written and drawn outstanding. It's too bad that all of this went out the window with re-boot. All we can hope for is that maybe now with New Krypton some of this stuff may have actually happended and be revealed.