The IBM 702 was a business answer to the Univac 1 computer, which was the first mainframe computer which used magnetic tapes. The 702, using Williams Tubes (CRT Memory) had some technical problems and did not last long on the market, being replaced by the 705, which used magnetic core memory instead.
The Eckert-Mauchly Univac 1, 1951. 1000 words of 12 characters. $159,000.00.
The Old Wolf has spoken.