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Updated link to the 1930s photo of the Cathaum (works as of November 2010):
The Nittany Theater building is now occupied by an M&T Bank building. The facade looks like it’s been beautifully restored – it probably looks about as good now as it ever has. There is a historical society placard on the front of the building that identifies its heritage as this theater.
The building that once held the Cathaum is now largely occupied by a CVS on the ground floor. I believe that the nightclub Indigo is now on the top floor where Players used to be (correct me if I’m wrong).
Here’s the correct link to the 1930s photo of the theater (works as of November 2009):