A cute way of asking the time that distracts someone long enough to be pickpocketed. the source is a ninettenth century childrens playground game particularly popular from the interwar years.
Villain: What's the time mister wolf?
Rich old dude: Oh uh, heh, mister wolf, good one. Well it's eight thirty by my watch.
In this time a second villain has swiped the old mans' wallet and watch.