Its business computer siblings were the IBM 702 and IBM 650. It was based on the IAS machine.[2]
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 IBM 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).
Instructions were 18 bits long, single address.
IBM 701 had only two programmer accessible registers:
To make programming more convenient than it was in 1953, they added a couple of things that aren't part of the 701 itself: a log that shows the instructions and registers in real-time, and an assembler that automatically punches a card deck and loads it into the card reader. (The assembler doesn't run on the 701.)