<P> Property losses from the disaster have been estimated to be more than $400 million in 1906 dollars . This is equivalent to $10.9 billion in 2017 dollars . An insurance industry source tallies insured losses at $235 million, the equivalent to $6.4 billion in 2017 dollars . </P> <P> Political and business leaders strongly downplayed the effects of the earthquake, fearing loss of outside investment in the city which badly needed to rebuild . In his first public statement, California governor George Pardee emphasized the need to rebuild quickly: "This is not the first time that San Francisco has been destroyed by fire, I have not the slightest doubt that the City by the Golden Gate will be speedily rebuilt, and will, almost before we know it, resume her former great activity". The earthquake itself is not even mentioned in the statement . Fatality and monetary damage estimates were manipulated . </P> <P> Almost immediately after the quake (and even during the disaster), planning and reconstruction plans were hatched to quickly rebuild the city . Rebuilding funds were immediately tied up by the fact that virtually all the major banks had been sites of the conflagration, requiring a lengthy wait of seven - to - ten days before their fire - proof vaults could cool sufficiently to be safely opened . The Bank of Italy had evacuated its funds and was able to provide liquidity in the immediate aftermath . Its president also immediately chartered and financed the sending of two ships to return with shiploads of lumber from Washington and Oregon mills which provided the initial reconstruction materials and surge . In 1929, Bank of Italy was renamed and is now known as Bank of America . </P> <P> William James, the pioneering American psychologist, was teaching at Stanford at the time of the earthquake and traveled into San Francisco to observe first - hand its aftermath . He was most impressed by the positive attitude of the survivors and the speed with which they improvised services and created order out of chaos . This formed the basis of the chapter "On some Mental Effects of the Earthquake" in his book Memories and Studies . </P>

What types of events happened during the 1906 san francisco earthquake