Make Way for Tomorrow (1937)

The Masters of Cinema blu-ray (and DVD - not shown) sound great. There's plenty of noise and a persistent hum, but it really reveals how a well-recorded studio film like this can sound if no noise reduction is applied to 'restore' it.

The Criterion DVD and blu-ray sound the same and are significantly more muffled.

The MoC shows clear clipping, but this clipping is very likely present on the Criterion editions too -- the high-pass filter used to remove the hum just makes them look more dynamic.