I doubt that the boat was originally a racing boat. It is broad beamed and round stemmed. The history the owner told me is that he ran across someone using a similar boat and was referred to the user's sons who, he said, made ten or fifteen of these boats each summer to sell for about $200 and thus pay their way through college. The (minimal) woodwork includes a nicely sculpted center thwart/yoke for portaging the boat. I think it was just a light weight and quick way to semi-mass produce boats that could pay the rent. There are, as you've guessed, several stress cracks, and based on advice on this thread, I'll suggest reinforcing with epoxy and fiberglass, followed by a few coats of varnish. I don't expect to take this on myself, but will pass along the suggestions. Thanks all!