Here's an excerpt from the liner notes to Freewheeling Bob Dylan:

"Bob Dylan's Dream" is another of his songs which was transported for a time in his mind before being written down. It was initially set off after all-night conversation between Dylan and Oscar Brown, Jr., in Greenwich Village. "Oscar," says Dylan, "is a groovy guy and the idea of this came from what we were talking about." The song slumbered, however, until Dylan went to England in the winter of 1962. There he heard a singer (whose name he recalls as Martin Carthy) perform "Lord Franklin," and that old melody found a new adapted home in "Bob Dylan's Dream." The song is a fond looking back at the easy camaraderie and idealism of the young when they are young. There is also in the "Dream" a wry but sad requiem for the friendships that have evaporated as different routes, geographical and otherwise, are taken.


By the way dw, although I never did get to meet or see Oscar live, I did get to shake hands with Dave Van Ronk and to tell him how muchhe influenced me and that I learned to finger pick from the Dave Van Ronk - Folk Singer album.