Good guess, the Old Town canoe with serial number 54557 is a 17 foot long, CS (common sense or middle) grade, Charles River model with red western cedar planking, open spruce gunwales, birch decks, birch thwarts, birch seats, and a keel. It was built between May and July, 1919. The original exterior paint color was light green. It shipped on July 12th, 1919 to Saginaw, Michigan. A scan showing this build record can be found 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. 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 donate, join, or renew your membership to the WCHA so that services like this can continue. See
https://www.woodencanoe.org/about to learn more about the WCHA and
https://www.woodencanoe.org/shop to donate or join.
It is also possible that you could have another number or manufacturer if this description doesn't match your canoe. This was made a few years before diamond headed bolts were introduced. Feel free to reply here if you have any other questions. Good luck,
Benson