1
general::
Stop what one is doing, as in Hold the phone! There's no sense in continuing this argument. This expression is often put as an imperative, as in the example. [Colloquial; second half of 1900s] Also see HOLD EVERYTHING.
American Heritage Idioms
2
general::
Phrase(s): Hold the phone.1. [and] Hold the wire(, please).; Hold, please.; Hold the line(, please).; Hold the phone(, please).; Please hold
Fig. Please wait on the telephone and do not hang up. (A phrase in use before telephone "hold" circuitry was in wide use.) • Bill: Hold the wire, please. (Turning to Tom) Tom, the phone’s for you. Tom: Be right there. • Rachel: Do you wish to speak to Mr. Jones or Mr. Franklin? Henry: Jones. Rachel: Thank you. Hold the line, please. • Sue: Good afternoon, Acme Motors, hold please. Bill (hanging up): That makes me so mad! 2. Fig.Wait just a minute.; Don’t rush into something. • Hold the phone! Let’s think about it a little longer. • Hold the phone. I just had another idea.
McGrawhill's American Idioms And Phrasal Verbs