This song was probably intended for Freewheelin'. It describes a picnic trip up to Bear Mountain. The narrator concludes that the whole thing is just a scam and waste of money.
The song is written in the talking blues format created by Christopher Allen Bouchillon in his 1927 “Talking Blues” and popularized in numerous variations by Dylan’s idol Woody Guthrie. Dylan returned to the format in numerous songs such as “Talkin' World War III Blues”.