In searching for the oldest surviving "werewolf" movie, the best answer turned out to be 1925's Wolf Blood. Dick Bannister (how's that for a post-Victorian porn name) is the field boss of a Canadian logging camp. The leader of a rival camp is resorting to underhanded tactics, even shooting at the workers. Boss Dick calls on the owner to come and check things out.
The owner is the young socialite daughter that inherited the company. She and her much-too-old-for-her Doctor Fiance decide to go visit. Seems the socialite likes the company of the rugged lumberjack type, and Dick becomes rather smitten as well. He hasn't seen a woman in years, after all. For the sake of propriety, they decide to avoid each other's company.
Evil field boss from the rival company decides to dam an important logging river. Our hero pays him a visit. A fight ensues and Dick Hero is out numbered and left for dead in a ravine. The good-but-maybe-not-good-enough doctor finds him in the nick of time. Dick needs a blood transfusion, but the only person available is a horrible half-breed (hate those people, don't you?) who was kicked out of camp by our hero for selling the Devil's Elixir to the men. He refuses to help, but says he can get blood from his she-wolf. Oh, hey! A Wolf, just like in the title! Fancy that. And only half way through the movie.
Dick gets wolf blood, half-breed blabs all around town, men become suspicious, and doctor tells his love that now that he has wolf blood in him, he has become like an animal. Oddly, she don't mind.
Mostly, this is a love triangle with the wolf element added for drama. Barely a werewolf story, but close enough. It wasn't spectacular, but it held my interest. At just over an hour, it was tolerably short. I give it an AMRU of 3.
Go watch it here.