Many Dwarves had left the Grey Mountains due to dragon attacks. Some went to the Iron Hills but Thror led some back to Erebor bringing with them the great Arkenstone. There they prospered and grew forming good will with the Men in the area. Because of the deeds of the Rohirrim they also had many years of peace which enabled them to mine deep and grow rich. They had much and feasted often.
"So the rumour of the wealth of Erebor spread abroad and reached the ears of the dragons, and at last Smaug the Golden, greatest of the dragons of his day, arose and without warning came against King Thror and descended on the Mountain in flames. It was not long before all that realm was destroyed, and the town of Dale near by was ruined and deserted; but Smaug entered into the Great Hall and lay there upon a bed of gold" (p. 353, The Return of the King).
While ruin was everywhere many Dwarves were able to escape. Thror himself escaped by way of a secret door with his son Thrain II and their family. Along with some faithful Dwarves they began a homeless wandering life in the south. "Among whom were the children of Thrain II: Thorin (Oakenshield), Frerin, and Dis. Thorin was then a youngster in the reckoning of the Dwarves" (p. 354, The Return of the King). I'm sure the ransack of his home had a lasting impact on Thorin. As well, last reading noted that Dwarves are in danger without a secure dwelling.
This little story creates the impetus for an adventure that would sweep up a little hobbit of the Shire and forever change the fortunes of Middle-earth.
Middle-earth timeline: Third Age, 2770
Today's reading comes from: The Return of the King, pages 353-354
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