Excerpt from an IBM press release, 1954 | http://www-1.ibm.com/ibm/history/
Called the IBM Magnetic Drum Data Processing Machine, it combines one of the advanced memory devices and the stored program concept of IBM’s big “701, recently announced with new high speed reading capacity in the conventional punched card equipment to achieve a powerful data processing machine for commercial and engineering requirements.
In addition to its usefulness as an accounting and computing tool, the Magnetic Drum Data Processing Machine will be a vital factor in familiarizing business and industry with the stored program principles fundamental to electronic data processing equipment. Though its capacity is large, it is designed for exceptional ease of problem preparation and operation. A significant feature of this machine is its ability to check the accuracy of its answers.