Green’s Dictionary of Slang

watch-maker n.

a pickpocket, esp. one who specializes in stealing watches.

[UK]Hotten Dict. of Modern Sl. etc.
[UK]Sl. Dict.
[UK]Farmer & Henley Sl. and Its Analogues.
[Aus]Crowe Aus. Sl. Dict. 93: Watchmaker or Watchmaker in a Crowd, a pickpocket; a watch stealer.