Russ Walsh marketed his "Walsh's Appearing Cane" in 1947. However, it shows up in W.H.J. Shaw's "Magic and Its Mysteries", 1893, p. 59, as the "Entirely New Handkerchief to Snake" in which a stick is covered with cloth to give it the appearance of a snake, but it's virtually the same as the Appearing Cane.
Variations have been created by Fantasio.
See also Vanishing Cane.