The canal was built and operated by a private stock company.

Part of the canal was open and operating by 1854, but the entire length was not finished until 1858.

[1] The completed canal was 18 miles (29 km) long and had 11 locks.

Competition with railroads led to diminished use of the canal.

In 1866, the stock company was authorized to change its name to the "Junction Canal and Railroad Company," and work commenced in constructing a railroad on its right of way.