The Eclipse Theatre stood on the east side of Parliament just south of Gerrard Street East. It was torn down to make way for apartment buildings in North Regent Park in the mid 50's. Ted Plantos informs me the the tiny restaurant next door was called the Eclipse Grill.
I have since discovered that this picture was taken on July 27, 1949 at 10:10 AM, according to the clock in the sign. The movie being advertised, "Riders of the Deadline" staring William Boyd as Hopalong Cassidy was released in 1944. It was quite normal for Cabbagetown theatres to show out of date films.
This picture was submitted to me by an unknown source. Thanks whoever you are. I also found out that this picture originally came from the City of Toronto Archives.