Welcome, the Old Town canoe with serial number 42306 is a 16 foot long, CS (Common Sense or middle) grade, HW (heavy water) model with red Western cedar planking, closed spruce gunwales, ash decks, ash thwarts, ash seats, and a keel. It was built between March and May, 1916. The original exterior paint color was dark green. It shipped on May 25th, 1916 to Eagle Mere, Penna. A scan showing this build record can be found by following the link at the attached thumbnail image below.
This scan and several hundred thousand more 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/catalogs/old-town/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/about-wcha to learn more about the WCHA and
http://www.wcha.org/store/membership to join.
It is also possible that you could have another number or manufacturer if this description doesn't match your canoe. The sailing rig was probably added after it left the factory since this isn't mentioned on the build record. There is lots of good information here about canoe restoration and some of the books at
http://www.wcha.org/store/books may also help. Feel free to reply here if you have any other questions. Good luck with the project,
Benson