chute (n.2) Look up chute at Dictionary.com
short for parachute (n.), attested from 1920.
chute (n.1) Look up chute at Dictionary.com
1725, American English, "fall of water" (earlier shoot, 1610s), from French chute "fall," from Old French cheoite "a fall," fem. past participle of cheoir "to fall," from Latin cadere"to fall," from PIE root *kad- "to lay out, fall or make fall" (see case (n.1)). Meaning "inclined tube, trough" is from 1804; that of "narrow passage for cattle, etc." first recorded 1881. In North America, absorbing some senses of similar-sounding shoot (n.1).