I was struck by the irony of it -- not funny, haha, irony; irony can often be sad and even bitter. The song is about a brutal, racially-motivated crime that occurred in Baltimore on my sixteenth birthday -- February 9, 1963. And I was listening to it as a 68yo man and it made me think, of course, of the events of the past few weeks in Baltimore. The similarities and contrasts made me think of how far we've come in my lifetime -- and, sadly, how far we have to go.
According to Wikipedia, the verdict came down on the day of Martin Luther King's "I have a dream" speech. Dylan had attended the speech and read about the case on way back to New York.
The album was released in early 1964, and I spent most of 64-65 listening to it and similar music.