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on even keel
From The Collaborative International Dictionary of English v.0.48:
Keel \Keel\, n. [Cf. AS. ce['o]l ship; akin to D. & G. kiel
keel, OHG. chiol ship, Icel. kj[=o]ll, and perh. to Gr.
gay^los a round-built Ph[oe]nician merchant vessel, gaylo`s
bucket; cf. Skr. g[=o]la ball, round water vessel. But the
meaning of the English word seems to come from Icel. kj["o]lr
keel, akin to Sw. k["o]l, Dan. kj["o]l.]
1. (Shipbuilding) A longitudinal timber, or series of timbers
scarfed together, extending from stem to stern along the
bottom of a vessel. It is the principal timber of the
vessel, and, by means of the ribs attached on each side,
supports the vessel's frame. In an iron vessel, a
combination of plates supplies the place of the keel of a
wooden ship. See Illust. of Keelson.
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2. Fig.: The whole ship.
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3. A barge or lighter, used on the Tyne for carrying coal
from Newcastle; also, a barge load of coal, twenty-one
tons, four cwt. [Eng.]
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4. (Bot.) The two lowest petals of the corolla of a
papilionaceous flower, united and inclosing the stamens
and pistil; a carina. See Carina.
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5. (Nat. Hist.) A projecting ridge along the middle of a flat
or curved surface.
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6. (Aeronautics) In a dirigible, a construction similar in
form and use to a ship's keel; in an a["e]roplane, a fin
or fixed surface employed to increase stability and to
hold the machine to its course.
[Webster 1913 Suppl.]
Bilge keel (Naut.), a keel peculiar to ironclad vessels,
extending only a portion of the length of the vessel under
the bilges. --Ham. Nav. Encyc.
False keel. See under False.
Keel boat.
(a) A covered freight boat, with a keel, but no sails,
used on Western rivers. [U. S.]
(b) A low, flat-bottomed freight boat. See Keel, n., 3.
Keel piece, one of the timbers or sections of which a keel
is composed.
On even keel, in a level or horizontal position, so that
the draught of water at the stern and the bow is the same.
--Ham. Nav. Encyc.
On an even keel a. & adv., steady; balanced; steadily.
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From The Collaborative International Dictionary of English v.0.48:
Even \E"ven\, a. [AS. efen. efn; akin to OS. eban, D. even, OHG. eban, G. efen, Icel. jafn, Dan. jevn, Sw. j[aum]mn, Goth. ibns. Cf. Anent, Ebb.] 1. Level, smooth, or equal in surface; not rough; free from irregularities; hence uniform in rate of motion of action; as, even ground; an even speed; an even course of conduct. [1913 Webster] 2. Equable; not easily ruffled or disturbed; calm; uniformly self-possessed; as, an even temper. [1913 Webster] 3. Parallel; on a level; reaching the same limit. [1913 Webster] And shall lay thee even with the ground. --Luke xix. 44. [1913 Webster] 4. Balanced; adjusted; fair; equitable; impartial; just to both sides; owing nothing on either side; -- said of accounts, bargains, or persons indebted; as, our accounts are even; an even bargain. [1913 Webster] To make the even truth in pleasure flow. --Shak. [1913 Webster] 5. Without an irregularity, flaw, or blemish; pure. "I know my life so even." --Shak. [1913 Webster] 6. Associate; fellow; of the same condition. [Obs.] "His even servant." --Wyclif (Matt. xviii. 29). [1913 Webster] 7. Not odd; capable of division by two without a remainder; -- said of numbers; as, 4 and 10 are even numbers. [1913 Webster] Whether the number of the stars is even or odd. --Jer. Taylor. [1913 Webster] On even ground, with equal advantage. On even keel (Naut.), in a level or horizontal position. [1913 Webster]

