When the policeman first accosts Bob he "spoke up quickly" without being asked and tells the officer that he is meeting an old friend, adding,
"I'll explain if you'd like to make certain it's all straight."
This hasty voluntary disclosure indicates that Bob wants to appear forthright and honest. Further, he informs the policeman that he went out West to make his fortune, but he adds that he and his old friend "lost track of each other" as he was "hustling around." Then, he pulls out a beautiful watch that is covered with diamonds, suggesting that, perhaps, he has been involved in something illegal.
However, all the time that 'Silky Bob' converses with the policeman, he praises his friend Jimmy and states that he will wait at least thirty extra minutes for his friend. Clearly, there is an affection for Jimmy that Bob yet possesses, an affection that Jimmy, too, retains because he cannot bring himself to arrest 'Silky Bob.'