With regard to the relative merits of PSK-AM and FSK-AM, the results presented indicate that the theoretical edge enjoyed by PSK-AM is relatively small in those cases where the pulse rate is low with respect to the subcarrier frequency and requires more elaborate demodulators to be exploited in full. However, it is inherently capable of higher data rates in a voice frequency channel. The rate advantage of PSK-AM may be as much as 3:1 with very little loss in efficiency. One may conclude that PSK-AM with synchronous keying is indicated when data rates above 500 bits per second are required in a nominal 3 kc/s voice band.