Given the "olive" in the college's name, didn't expect pickles. But we did find a single Google result for olives being mistaken for pickles, in Punch, 1948:
Gentleman from Philadelphia: That cider we had at dinner was tarnation good, but d— your pickles, Colonel. Why the stones on 'em's fit to choke a body.
Colonel: Cider! Pickles! The cider was champagne, and the pickles are olives, Mr. Yankee. [Aside.] What an ignorant son of a gun it is!
Table of contents from Mount Olive's 1977 yearbook.