 The American Temperance University was established in 1894, and operated out of the East Tennessee Land Company's abandoned headquarters.In 1929, the combination of the stock market crash and a devastating flood of the Emory River wiped out much of the city's industry.A paper mill and two hosiery mills provided the largest share of jobs in the city through the rest of the twentieth century, with the paper mill (a Mead Corporation property) and the hosiery companies (Harriman Hosiery, formerly a Burlington Corp. plant, and independent Roane Hosiery) operating into the 1980s.