Green’s Dictionary of Slang

elevator n.

1. [late 19C] a crinolette or bustle used for distending the back of a woman’s skirt [it raises or ‘elevates’ the back of the skirt].

2. [1910s–20s] (UK Und.) a hold-up man, a robber; a shoplifter [pun on SE hold up/hold up v.1 (1)].

SE in slang uses

In compounds

elevator jockey (n.) (also elevator pilot) [jockey n.2 (3b)]

[late 19C-1970s] (US) a lift operator.

In phrases

elevator doesn’t go to the top floor (also storey, ...all the way to the top (floor))

[1980s+] a phr. describing a fool; one of several implying that one is ‘not all there’.