Originally a railroad term.

"Balling the jack (High Balling the Jack)
Giving a proceed signal to a locomotive (see High Ball, Jack) a series of proceed signals allows a train to make sufficient speed to maintain a schedule".
A Book of Railroad Terms, W. E. Bill Wood.

"Highball- Signal made by waving hand or lamp in a high, wide semicircle, meaning "Come ahead" or "Leave town" or "Pick up full speed." Verb highball or phrase 'ball the jack means to make a fast run. Word highball originated from old-time ball signal on post, raised aloft by pully when track was clear. A very few of these are still in service, in New England and elsewhere."

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