Marty I think you're correct. IIRC, the Lionel Industrial Smoke stack seemed to be a very popular accessory that quickly sold out when first introduced and secondary market prices remain very strong at or above original MSRP. At first, I thought the reason that kept Lionel from reissuing the smokestack was that it did not meet their sales margin or return on investment for non-locomotive or car items. But after a period of hardly any new or reissued Lionel accessories, Lionel came back with a number of lower to mid-level priced offerings, so I guess it's possible...........
I may be mistaken, but I had a different recollection on the first part. IIRC, the MSRP was around $100? I think before it was actually produced a lot of people looked at it in the catalog and thought it didn't get you much bang for your 100 bucks.
I have one of these, but I didn't pre-order it. According to my records, I bought it just before Christmas 2004, and I paid $50 for it. Unless that maybe was just my dealer not wanting to sit on one, but I thought they were perhaps a "blow out" at the Lionel level.
You are certainly right on the second part though. Over the years, these do command close to or over original MSRP. Might be a case of the final product exceeding what people expected from the catalog image. (and also since it was only made that one time, there are lots of people who weren't in the hobby back then who also may decide they want one, and of course the supply is not getting any bigger)
-Dave