Green’s Dictionary of Slang

1. (US black) small amounts of money.

1936

D. Burley in Chicago Defender 31 Oct. 26: Man, I’m in low cotton [...] I had to lay low and catch the shorts.

2. the last few puffs of a discarded cigarette.

1990		S. Morgan Homeboy 89: ‘Save me shorts, Homes.’ Joe passed over his Camel stub.
1992		Bentley & Corbett Prison Sl. 65: Shorts The last one-third to one-fourth of a cigarette. To save someone shorts on a cigarette is to save him a couple of draws at the end.