Hi - new member here - stumbled in while looking for information.
I used to run the European end of Penn, until its takeover by Shakespeare, and then subsequent take over by Jarden,
Regarding the Jaws story - I can give you the correct story as told to me by Herbert Henze, former owner & president Penn Reels.
A little known film director phoned Penn in Philly in the early 1970s looking for half a dozen BIG reels for a forthcoming feature he was making. Penn said - yes, be glad to help, we'll get 6 of the 118 Senators off the production line, and sell them to you.
Director said no thanks, I am looking for OLD reels (because he wanted the old cliiiiiiiick, cliiiiiiick).
So, eventually, Penn find the reels & send them off, thinking little more about it.
Director was of course Mr Spielberg, and the film, Jaws.
So, I can categorically confirm that the reels used WERE Senator 118 reels.
If you are ever at any of the Universal Studios parks which have the Jaws ride, take a look at some of the replica props in the queuing area - you will see replica model Penn Senator 118 reels.