Green’s Dictionary of Slang

to depress.

1879		G.R. Sims Dagonet Ballads 125: For one short moment let us cease / To mourn the loss of mighty ships— / Forget how tax and rate increase, / And all that now the nation ‘hips’.
1905		H.G. Wells Kipps (1952) 174: ‘!Ow’s that?’ said Kipps, a little hipped by Sid’s patent chagrin.