Seismic velocity dispersion in fluid-saturated rocks appears to be dominated by two mechanisms: the large scale mechanism modeled by Biot, and the local flow or squirt mechanism. The two mechanisms can be distinguished by the ratio of P- to S-wave dispersions, or more conveniently, by the ratio of dynamic bulk to shear compliance dispersions derived from the wave velocities. Our formulation suggests that when local flow dominates, the dispersion of the shear compliance will be approximately 4/15 the dispersion of the compressibility. When the Biot mechanism dominates, the constant of proportionality is much smaller. Our examination of ultrasonic velocities from 40 sandstones and granites shows that most, but not all, of the samples were dominated by local flow dispersion, particularly at effective pressures below 40 MPa.