RARE Metro-Goldwyn-Mayer logo (1924) [The Circle variant]

I just subscribed to Warner Archive Instant, and I came across this: the holy grail of all the post-merger MGM logos taken from the Frank Borzage’s film "The Circle" (September 22, 1925). Slats is just chilling there, taking a breather (ha!) Visit my logo channel: https://www.youtube.com/channel/UCnN8YVDuI_bqqeqO4lhYBcg