The Old Town canoe with serial number 88312 is a 15 foot long fifty pound model so my guess is that you have number 89312. This is an 18 foot long, CS (Common Sense or middle) grade, HW (Heavy Water) model with red Western cedar planking, open spruce gunwales, ash decks, ash thwarts, ash seats, a keel, outside stems, a floor rack, and sponsons. It was built between December, 1925 and August, 1926. The original exterior paint color was bright red. It shipped on August 17th, 1926 to Shirley Mills, Maine. 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 more were created with substantial grants from the Wooden Canoe Heritage Association (WCHA) and others as you probably know well. Additional information about 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/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. Feel free to reply here if you have any other questions.
Benson