Penn Line History 6

Faced with the need to expand and not desiring to lose control, the three founders decided to try to raise $100,000 by selling 10,000 shares of Class A Common Stock. The Class A stock had no voting rights. They intended to keep the Class B voting stock and control of the company to themselves. I mentioned above that my father was one of Bob Faust's best friends. That is how he came to purchase the first Class A stock when the company went public. Certificate A1 for 160 shares still hangs above my desk. It was issued on June 7, 1957. The expansion was on. It would take a few years and some government help to finally get the larger building. In the meantime Dad bought more and more stock until virtually all his spare cash was invested in one place- Penn Line. I mention this mistake out of fairness. I may sound critical of mistakes made by management. Dad genuinely believed in the company. He even purchased stock in my name with the money I had saved from gifts at Christmas and birthdays. There must have been very little regulation at that time because I did not even have a social security number at that time. Of course reporting income without a SS# was no problem because the stock never paid a dividend and became totally worthless in 1963.