Ray's cues were known as low deflection shafts for their time and also interchangeable shafts from cue to cue made by Ray. Quality construction. Not overly high demand- I might say market value in the $400 range perhaps, but not real sure. check recent eBay sales for Schuler cues with that signature.
That's not a commen for Rays work. I was told that he rarely put veneers on a cue. I have one that looks similar to your but mine is marked slc because I believe I was built by his aperntas Noel Mendoza. Was also told by Noel mine was worth about 600 5 years ago. Good luck with your cue I'm keeping mine!