Bad Editing?

Is it just me, or is this film horribly edited? Or is it the result of a bad print with missing frames?

For instance, near the beginning of the film, Arliss and Davis are walking away from a couple of autograph seekers on the street when suddenly the whole background changes in the middle of their dialog.

There are a few such odd cuts in the film. I was thinking of listing them all as goofs - continuity errors and such - but I decided to put it all down to just bad editing or a bad print. What do you think?