Will Avis describes the trick in his “Tricks for All” column in Will Goldston's The Magician, Vol. 5 No. 4, Mar. 1909, p. 43. It is unclear if all the tricks presented in his column were claimed as original, but it seems so. Avis does offer a nice touch, by using a clear glass bracelet.
Dr. James William Elliot published his “Improved Examined Ring on Cord” in Elliott's Last Legacy, 1923, p. 265.