According to Wikipedia, the IBM 701 was released on April 29, 1952, and IBM would install a total of 19 of them (one was installed in IBM’s world headquarters).
Aviation Week for 11 May 1953 says the 701 rental charge was about $12,000 a month; American Aviation 9 Nov 1953 says “$15,000 a month per 40-hour shift. A second 40-hour shift ups the rental to $20,000 a month.”
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The system used vacuum tube logic circuitry and electrostatic storage, consisting of 72 Williams tubes with a capacity of 1024 bits each, giving a total memory of 2048 words of 36 bits each. Each of the 72 Williams tubes was 3 inches in diameter. Memory could be expanded to a maximum of 4096 words of 36 bits by the addition of a second set of 72 Williams tubes or (later) by replacing the entire memory with magnetic-core memory. The Williams tube memory and later core memory each had a memory cycle time of 12 microseconds. The Williams tube memory required periodic refreshing, mandating the insertion of refresh cycles into the 701’s timing. An addition operation required five 12-microsecond cycles, two of which were refresh cycles, while a multiplication or division operation required 38 cycles (456 microseconds).
