I have to should out for "The Mysterious Lady" or any other late silent MGM film. The cinematography and visual story telling of those films has never been equalled. [If I am going to introduce someone to silent films, I usually start with "The Kiss" for this reason and it's brevity]

"Underworld" and "The Mating Call" are two examples of Paramount at its best as well. So many great films from 1926 to 1929 from all the studios.