He distinguished himself at Knox College, 1895-1902, graduating with the Class of 1902, B.A., as a debater and an athlete, setting a college record for the mile-run which stood for many years; gave an oration, "Ideals of Government", during the Invocation at the 1902 Commencement. Following graduation from Knox, he attended Harvard Law School where he completed the three year course in two years and subsequently passed the Illinois Bar examinations 1904. During a temporary emergency at Knox College, he taught economics and history from 1906-10; according to the 1908 Gale, he was the first Athletic Director of Knox College. He was a prominent lawyer and civic leader in Galesburg and also owned large tracts of land in the Galesburg area. In the early 1900s, he also became interested in Canada lands and acquired extensive holdings in Saskatchewan and spent much time developing his property there and his Galesburg farm, which was a part of the land, bought by his grandfather. He was a candidate for the state Senate in 1918. The last few years of his life, he chief interests centered about his farm, Knox College, and Hope Cemetery, serving as President of the cemetery association. During WWI, Ray was involved with the 2d and 4th Liberty Loans; Captain fifth Liberty Loan and Armenian-Syrian Relief Fund; War Camp Community Recreation and United War Work campaigns; National YMCA Fund; First Red Cross membership campaign; first and second Red Cross War Fund; War Savings Stamps; Boys Scouts; Smileage Books; Legal Advisory Board; Fatherless Children of France; Exemption Board; War Service League; and a Four-Minute Man. The Ray M. Arnold prize fund at Knox College was endowed in his memory.