To release the anchor of a ship or boat, allowing it to fall to the bed of a body of water and thereby securing the vessel in place.
To stop travelling and settle down.
[…] had emigrated first to one country, then to another, till he finally dropped anchor in London.
To defecate.
Junkyard Dog always stopped for lengthy bathroom breaks by announcing his intentions in advance, using a different euphemism every time, saying, to name a few, "I have to: drop anchor... do some paperwork... lay some foundation... pinch a loaf... lighten my load...."
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