T.E. Monahan had his first saloon, The Board of Trade on the original wagon trail that connected Fairhaven with towns along the bay. As Fairhaven prospered, Monahan decided to relocate to 11th Street. He put up this building and opened for business on February 1, 1891. He featured the finest wines and liquors and cigars and named his saloon The New Board of Trade. Respectable people felt comfortable here and enjoyed the class of such elegance as the thick velvet draperies. Close to an Opera House, The New Board of Trade was a likely establishment to stop in after a show and discuss opinions of performances. The name Monahan is still visible at the top of the building. In recent times, the building has hosted The Crystal Dolphin, an art gallery and a restaurant. The Picture Show movie theater, with its brick walls still showing, was popular for years into the 1980s. The structure is now home to Fairhaven Runners shoe store.