The photo sounds familiar - I seem to remember one of a young Lewis Ganson passing a ring over a floating cigarette, which may have been on the cover of Harry Stanley's "Gen" at some point. There was one issue that described a trick with a flame that rises up to light a cigarette in your mouth, but that was probably something different.
So not much help really, just a few hazy recollections. Maybe someone here has access to "The Gen" and can check.
I also found this, but neither edition is the one you refer to: http://www.joyalstack.com/Pages/DejaLu/ ... anson.html