Ray, along with others, ran a black market in Washington, D.C. up till 2077. After the Great War, Ray's few surviving associates died, under "very mysterious, shotgun-related, circumstances." Ray then took over what little remained of their operation and shortly after that accidentally turned into a ghoul. Ray currently owns three stores, in Rivet City, Ronto and Chicago, as well as various caravans that run between them and various other locations in between, which Ray refers to as the "Ronto Triangle." Ray previously ran the caravans himself, but is now running the Rivet City store instead.
Leea - An employee of Ray's, he mentions finding her as a little girl and raising her. Also stating that she's just like him. Despite this, or maybe because of this, he is willing to kill her if she proves to be the traitor in his operation.
Ray spends all of his time in the Gray Market. He works, eats and sleeps in the shop.
Everybody Loves Gray - Talon Company mercs are being hired by a rival merchant to attack Ray's caravans. Ray doesn't care about who is hiring them, in fact he applauds these kind of underhanded tactics, but he needs the Lone Wanderer to find out who in his operation is giving them the caravan routes and schedules.
The Replicated Man - Once enough clues are gathered, Ray can be asked about it, and will reveal that it was he that got the android the Lipoplasticator and Micro Dermal Graftilizer it needed.
Wasteland Survival Guide - During the Rivet City portion of the quest, Ray will laugh at the idea of Bannon helping to found the city, stating that he wasn't even here when Ray moved in. For 30 caps (0 caps with a Barter of 25), Ray will suggest seeing the "cheapskate" Pinkerton for better information.