In 1867, engineer Charles T. Harvey managed to get permission from the New York State Legislature to build a short stretch of elevated track as an experiment. Located on Greenwich Street north of Battery Place, the half-mile single-track set-up, which had two stationary engines at each end, attached by cables to a car which the motors shuttled back and forth, was ready for testing by June 1868. Harvey himself went bankrupt in the Black Friday of 1869 caused by the speculations of Jay Gould and James Fisk, but the company he set up went through a number of reorganizations and emerged in 1872 as the New York Elevated Railway Company, which utilized steam locomotives to pull cars on a single elevated track that ran up Greenwich and Ninth Avenue to 30th Street, where a connection could be made at the terminal of the Hudson River Railroad. Eventually, this would become the Ninth Avenue El, which was demolished in 1940.