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Douglas Harper's Etymology Dictionary
hang up

c.1300; hang (v.) + up (adv.); telephone sense by 1911. Noun hang-up "psychological fixation" is first attested 1959, from notion of being suspended in one place.

Wiktionary
hang up

vb. 1 (context transitive English) To put up to hang 2 (context intransitive idiomatic English) To terminate a telephone call 3 to keep delayed, suspended, held up, or stuck

WordNet
hang up
  1. v. put a telephone receiver back in its cradle

  2. cause to be hanging or suspended; "Hang that picture on the wall" [syn: hang]

  3. interrupt a telephone conversation

Usage examples of "hang up".

Grimes, at her invitation, removed his cloak and cap, gave them to her to hang up somewhere with her own gown, sat down on a well-sprung divan.

She was about to hang up out of pure indecision, and I needed the job.

She was so excited then she could scarcely control her shaking fingers enough to hang up the rest.