No, the 1933 (not 1934, as stated above) cut by Ashley and Foster is the earliest identified recording. Homer Callahan's "Rounder's Luck" was recorded in 1935, and Roy Acuff's "Rising Sun" in 1938. (All three versions, oddly, were recorded for the same label.) I don't know if Homer Callahan's source has been identified, but Acuff learned the song from Tom Ashley while both were working on a medicine show in east Tennessee.

The various 1920s recordings of "Rising Sun Blues" are often cited as versions of this song, but they aren't; they only share the title and the rising sun motif. They're not otherwise related. That includes the cuts by Texas Alexander, Peetie Wheatstraw, King David's Jug Band, and others, as well as the 1930 lowdown hillbilly blues of the same title by Tom Darby and Jimmie Tarlton.