The only print I've seen of this is pretty badly chopped up. They didn't make much of an effort to preserve these "b-movie" mysteries back then.
The film is directed in much the same manner as Browning directed the Lugosi "Dracula" around the same time - slow, stagy, with emphasis on atmosphere, and with all the young women given over to hysterics.
The film unnecessarily violates the Holmes canon when it shows us the bevy of young starlet secretaries Holmes has hired to aid in his investigations (?!), But most of the story, and its characterizations, are faithful to the original story.
The real surprise here is Raymond Massey - he is an absolute magnificent Holmes, every bit as good as the great Jeremy Brett of the Granada TV series; and, given the stodginess of the rest of the film, I suspect that he essentially directed himself - he moves quickly, easily, and directly, while the rest of the cast stands around waiting for their cues.
I can only recommend this to Holmes completists; but Massey's performance is not to be missed by anyone who admires the master sleuth of Baker Street.