hold up v.1
1. [mid-19C+] to commit an armed robbery.
2. [late 19C–1950s] to cheat, to blackmail.
3. [late 19C–1960s] (US) to demand, esp. to charge an exorbitant price.
SE in slang uses
[20C+] (W.I.) of a woman, to raise her skirts and expose her buttocks as a gesture of derision.