Starting as a a mining camp Oracle earned it's name from a man named Albert Weldon. Albert worked as a mine assessor and named the mining claim after a ship he traveled on which brought him to the Western United States. The town started as a 1 room adobe house Weldon and a man named Alexander McKay built below the mine. By 1882 the camp had grown to 8 buildings. The name Arcadia was briefly considered for the camp as the Arcadia Ranch had become a popular lodging house in the area. The name was rejected and Oracle became the official name of the settlement.
Citation: Will C Barnes, Arizona Place Names (Tucson AZ: University of Arizona Pub.,1960).301