Titusville Oil Exchange: World's First
Titusville by 1870 had become the commercial capital of the developing oil industry. Oilmen realized an organization was needed to keep track of business transactions. "In January 1871 one hundred and sixteen dealers, producers, refiners, and brokers along Oil Creek agreed to form an association to be known as the Titusville Oil Exchange."
(Pennsylvania Petroleum 1750-1872, by Paul H. Giddens).
Offices were moved several times as membership increased until an impressive new building was constructed. Once completed, a letter was written to the editors of local papers stating:
"Yourself and all members of the Titusville Oil Exchange are most cordially invited to be present, as guests, and participate with us in the formal opening of the Titusville new Oil Exchange on Thursday, January 27, 1881...
The opening exercises will be held in the Assembly Room of the Exchange at 3 p.m. Reception and ball in the evening at 9 o'clock.
I remain, dear sir, yours very respectfully,
John L. McKinney, President."
[Illustration captions, clockwise from right, read]
The Oil Exchange
The Herald ran lengthy articles on the Oil Exchange, and for this grand event listed the order of dancing and descriptions of the ladies' evening attire.
Oilmen outside the newly completed Exchange Building. A mock funeral was held January 1881 for the closing of the former offices before the opening of the new building.
Erected by Oil Region Alliance and City of Titusville.
Topics. This historical marker is listed in this topic list: Notable Events. A significant historical month for this entry is January 1871.
Location. 41° 37.583′ N, 79° 40.469′ W. Marker is in Titusville, Pennsylvania, in Crawford County. Marker is on Spring Street (Pennsylvania Route 8/27) east of Washington Street, on the right when traveling east. Touch for map. Marker is at or near this postal address: 127 West Spring Street, Titusville PA 16354, United States of America. Touch for directions.
Other nearby markers. At least 8 other markers are within walking distance of this marker. Titusville Trust Company, 1919 (a few steps from this marker); Site of Titusville Oil Exchange (a few steps from this marker); Titusville Oil Exchange (a few steps from this marker); Corinthian Hall, 1865 (within shouting distance of this marker); Algrunix Building, 1894 (within shouting distance of this marker); Veterans Memorial
Related markers. Click here for a list of markers that are related to this marker.
Also see . . .
1. Titusville (Oil Region Alliance). (Submitted on August 24, 2019, by William Fischer, Jr. of Scranton, Pennsylvania.)
2. The Oil Exchange at Titusville (photo). (Submitted on August 24, 2019, by William Fischer, Jr. of Scranton, Pennsylvania.)
3. The Prize - Chapter 1: Oil on the Brain: The Beginning. (Submitted on August 24, 2019, by William Fischer, Jr. of Scranton, Pennsylvania.)
Credits. This page was last revised on August 26, 2019. It was originally submitted on August 24, 2019, by William Fischer, Jr. of Scranton, Pennsylvania. This page has been viewed 112 times since then and 20 times this year. Photos: 1, 2, 3. submitted on August 24, 2019, by William Fischer, Jr. of Scranton, Pennsylvania.