The Old Town canoe with serial number 126417 is a 16 foot long, CS (Common Sense) grade, Otca model with open spruce gunwales, birch decks, birch trim, and a keel. It was built between January, 1939 and March, 1940. The original exterior paint color was similar to the image at http://www.wcha.org/catalogs/old-town/designs/design37.gif and known as design number 37. It shipped to Syracuse, New York on April 7th, 1941. A scan of this build record can be found by following the link at the attached thumbnail image below.
This scan and several hundred thousand others were created with substantial grants from the Wooden Canoe Heritage Association (WCHA) and others. A description of the project to preserve these records is available at http://www.wcha.org/ot_records/ if you want more details. I hope that you will join or renew your membership to the WCHA so that services like this can continue. See http://www.wcha.org/wcha/ to learn more about the WCHA and http://www.wcha.org/join.php to join.
It is also possible that you could have another number or manufacturer if this description doesn't match your canoe. Good luck with the rest of your restoration. Feel free to reply here if you have any other questions.