Here's an example of advice for performance, from COBOL (on disk) 
Specifications IBM 1401, 1440, and 1460, from 1964, PDF courtesy of bitsavers.

"Perform and Alter Statements

1. The statement ALTER LABEL TO PROCEED TO NEXT-
LABEL generates 10 characters of coding.

2. The statement PERFORM CALCULATION generates 18
characters of coding at the point in the program
where the PERFORM occurs. In addition, CALCULA-
TION is augmented by 4 positions for each PERFORM
which references it.

3. CALCULATION should be positioned in the source
program at the point where it will be executed
most frequently simply by falling through from the
preceding paragraph.

4. The option 2 statement, PERFORM CALCULATION 5
TIMES is efficient. Core requirements are about 45
positions at the point in the program where the
PERFORM occurs and 4 positions additional at the
end of CALCULATION. No additional core or time is
required when a data-name instead of a literal is
used to indicate the number of TIMES.

5. Option 4 of the PERFORM verb is handled best if
the VARYING field is defined as alphanumeric and
each of the fields in the expression has the same
length."

Yes, the compiler generated Autocoder. I'm very happy to have looked at the 
document this time, as I have noticed that the COBOL ENTER statement could be 
used to process Autocoder statements directly, embedded in the COBOL program. I 
have not encountered another COBOL compiler that supports ENTER other than 
processing it syntactically. In this compiler, it seems to be more of a 
"compiler directive" than a COBOL verb.

Yes, I'm not quite sure what No. 5 means when it says the VARYING field should 
be alphanumeric...

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