I've made a bunch of hiking sticks over the years. I often give them away as gifts. Here is how I do it.
-Pick a nice straight piece of hardwood.
-Cut your raw material with at least 4" extra on each end.
-Strip the bark and inner bark as soon as possible. The longer you wait, the harder it is to do.
-Let the stick dry out of the sun for about a month.
-Any cracking during the drying process will happen on the ends which will be cut away.
-Whittle or rasp off the knots, and do any additional whittling needed.
-Cut to desired size, round off the top and fix up the bottom with a rubber, metal tip or not.
-Sand.
-Finish with whatever wood treatment floats your boat. I use Tung oil.
Using this method, I've never had any cracking or splitting, and you don't need to wait a year for your stick.
Here are some of my sticks:
Sorry the pics didn't come out so well.
From Left to right:
Tulip, White Birch, Maple, Dogwood, Yellow Birch
These are all over a year old, and none have cracked.
The beat up one on the left (The Tulip) is my favorite because it's super light and strong, but I like them all. The birches aren't the strongest. The dogwood and maple are also super strong but a bit heavy. One day I'll finish the white birch, or harvest a better specimen.