While Merriam Webster defines jive as a type of jargon or slang, using it in this context does not make sense - unless the author is referring to swing music. Either way, in this context, the author seems to be telling a story of two men having a conversation over an item. The first man states to "Hit that jive Jack" which could be slang for hitting weed. He then goes on to tell the man to "put it in... [his] pocket till I get back" because he's "Going downtown to see a man" - suggesting he may be getting more weed, or meeting up with a friend, not giving him enough time to "shake.. [his] hand". Moreover, in that day it would have been illegal to have been caught with marihuana hence, why the man was told to put it in his pocket.
