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==Mining industry== {{Unreferenced section|date=April 2012}} A familiar landmark in Palmer is the old coal shaft. At one time it was the dream of a group of citizens in the area to sink a coal mine, bringing industry, employment, and fuel to the community. The site selected to sink the mine was in the southwest edge of town, on the north side of the railroad. According to ledgers still in existence, kept on sinking of the shaft, MacDonald and Bro., did the drilling. On March 30, 1872, the first share of stock was sold to Suplines Judd for $100. Many other shares were also sold for $100, some for $70 and some for $50. A total of seventy-two shares were sold in the amount of $5,460. Corporation papers were recorded on June 14, 1872. The cost of sinking the shaft was $2.50 per foot, and it is believed that the depth was approximately {{convert|500|ft|m}}. The last entry made in the ledger was November 3, 1873, the sinking of the shaft was abandoned with no reason given. About 1932, Illinois State Route 48 was constructed through Palmer - part of it over the top of the old mine. On September 10, 1969, the old mine shaft, so long abandoned, become more dangerous than ever before. At 9:00 a.m. a little hole was visible, as though someone had hauled dirt away. By 3:45 p.m., the same day the hole was larger, {{convert|20|ft|m}} by {{convert|20|ft|m}} and deeper; that evening it was a large hole filled with water with rotted timbers floating on top and was 375 to {{convert|400|ft|m}} deep, threatening to flood the highway. The old mine shaft had caved in. Traffic was re-routed from the highway and the trains on the Norfolk and Western traveled at a very slow speed, as the Highway Department was afraid of a further cave in. Approximately 190 truckloads of slag, rock, and dirt were hauled to the site and the shaft was filled at an estimated cost of $30,000.
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