Not bad actually:
How did they do this? “Graduated red-to-blue camera filters and red makeup.” (Source)
The movie is the 1937 comedy-mystery Sh! The Octopus.
Practical effects in movies, if done well, are always, always better than computer-generated imagery. Every time. Even more than 80 years later, I was floored by the realism of this scene and wondering how they did it. CGI is and always will be fake, whereas practical effects (special effects produced physically) will always look real because they literally are real. You are looking at real physical things captured on film.