This was one of two original songs on Bob Dylan's eponymous first album. It describes his feelings on arriving in New York, and the initial difficulty he had finding gigs.
The line, "Now, a very great man once said. That some people rob you with a fountain pen," is a nod to Dylan's hero Woody Guthrie. It is a specific reference to "Pretty Boy Floyd," Guthrie's 1939 ballad about the 1930s gangster.