Green’s Dictionary of Slang

(US) to pinch out a cigarette for later use.

1932		J. O’Hara ‘Early Afternoon’ in Scribner’s July 26/1: He lay back and dinched the cigarette in an ash tray on the night table.
1935		J.H. O’Hara Doctor’s Son 61: He lay back and dinched the cigarette in an ashtray on the night table.