Ok, go out and dig up the earlier version. Until you do, I will stick with A. P.
The gold watch and chain was still popular in the 1930s (yep, I am old enough to remember) and everything else in the lyrics is 1920s-1930s- nothing Victorian there.
Only since WW2 has a wristwatch replaced the pocket watch as a certified railroad timer. Maybe later; I occasionaly still use my US Military issue 17j Hamilton pocket watch, 1943 date.