 South Elliott Street has historically been one of the most desirable neighborhoods in Olney, and the area has consequently been known as the "Silk Stocking District" since the 1850s.The section of Olney including South Elliott Street was platted by William Elliott in 1855, shortly after the Ohio and Mississippi Railroad came through the city and sparked population growth and commercial development.Several of Olney's pioneers lived in the district, including Aaron Shaw, a U.S. Representative who gave the city its name.