Precancel Question

Curious about this stamp. The only town I can find in Indiana that ends with the letters AY is Speedway, IN. It was founded in 1912 so that works for this issue.

Is this an early precancel ?? or something else ? Any value ?

seems awfull long like it would never fit

I don't think this is a Pre-Cancel for several reasons.
1. Too large to fit on a single stamp
2. There appears to be a 3rd line of numbers & text below the lower bar
3. Two letter state abbreviations were not common on US Postage until about 1963 when the Post Office started using 2 letter abbreviation in conjunction with the introduction of the Zip Code.
4. There appears to be a : after the In
5. "In" probably is not a state abbreviation, but something else like a slogan with the " and 3rd line of numbers & text finishing the cancellation text, i.e. ...ay In: ...863IO...

OK, now I think we might be heading in the right direction. I took a quick scan through slogan cancels of that period and didn't see anything to match. I'll check out of time period slogans later.

This could be some type of auxillary marking placed that was placed on the envelope. Perhaps the AY is the tail end of the word delay as in Delay In :

It might be one of the US Navy 3-bar cancels with a location or message between the bars, although those are usually upper-case letters.