Ground was broken on the NY&H's construction on February 23, 1832 at Murray Hill on Fourth Avenue. At the ceremony, Vice President of the railroad John Mason hinted at the railroad's ambitions, saying that while the railroad's principal objective was local, its higher importance was to get to Albany. In 1832 the New York State Legislature authorized the company to raise its stock limit to $500,000 on the condition that the line be completed to the Harlem River by 1835. That November, two horsecars—"John Mason" and "President"—built by John Stephenson were ready for operation, both of which were named after John Mason, who had become the railroad's president in August.