I agree with the more positive posters here. Why the terrible disparaging comments about a bike saved from the dumpster? Okay so its not a top of the line bike from Raleigh? So what? The OP was asking for assistance to figure out what he had just saved. Couldn't the C&V forum readers be a bit more helpful and little less judgemental? For a free bike it looks to be in pretty good condition seeing how it came out of a dumpster.
I respect the opinion of someone of nogliders experience. The OP didn't say he was going to spend a lot of money on this bike to get it back on its wheels. He wanted to know what he found and confirm the year and country of origin. A free bike can't be all bad.
The bike needs a front rim and tire to make it servicable to ride. Once its been ridden the condition of the bike can be better determined. I for one hope the OP takes the more positive posts and keeps those of us interested - like myself informed as to how the project goes. I'd like to see how it turns out. A trip to his local co-op can solve the wheel and tire issue. As others stated it would be a good learning and city bike to ride around without having to worry about it being stolen in a bike mad city like Toronto.
Bustaknot keep us informed on how it goes. I look forward to updates hopefully.