> The Cliff Notes version is Dylan, whose latest album Bringing It All Back Home had upset many folk purists with its amplified accompaniment, performed at Newport on July 25 with amplified backing by the Paul Butterfield Blues Band, who played the festival on their own. As an offended audience booed Dylan performing with Butterfield's band (minus Butterfield himself), an incensed Seeger, outraged at his friend's apostasy, wanted the audio shut off and sought an axe to cut the cables as Dylan and the band ripped through "Maggie's Farm" and "Like A Rolling Stone," Dylan's just-released single.
2. My own knowledge of folk rock and subsequent visits to Google and Wikipedia have not helped me interpret this reference, in this context:
"Electric Dylan/Pete Seeger with the axe"
Help, please :-D