We have considered the problem of elastic wave velocities in a matrix containing aligned ellipsoidal fluid-filled cracks. This problem is relevant to a variety of geophysical applications, including crustal and mantle seismology and the behavior of stressed and dilatant rock. When the cracks are ellipsoids of revolution, the composite is transversely isotropic and is describable with five elastic constants. For aligned oblate spheroids the major reduction in velocity occurs along the axis of symmetry. The opening of new cracks, the widening of old cracks, or the reduction of pore pressure accompanying crustal dilatancy can be expected to cause a large decrease in compressional velocity and considerable compressional wave anisotropy.Laboratory experiments indicate that crack porosity significantly depresses the seismic velocities even in lowporosity igneous rocks [Birch, 1960]. Anderson and Spetzle•' [1970], using the Eshelby-Walsh theory, showed that flat cracks were much more effective in reducing the elastic constants than spherical pores were. Thus they were able to show that the properties of the low-velocity zone could be explained with a small amount of partial melting. Likewise, the low velocities in crystalline rocks at low pressures can be under- Most of the work to date on the properties of composites or solids containing cracks has assumed isotropy, i.e., random orientation of grains and cracks. Geophysical aggregates can be expected to be anisotropic even if the matrix is isotropic, due to preferred orientation of cracks. The crack fabric of rock can be caused by tectonic stress fields or temperature gradients. Layering, recrystallization, cooling, and tectonic deformation can all be expected to result in cracks with a preferred orientation, both on microscopic (intergranular cracks) and on macroscopic (preferred orientation of dikes, joints) scales. Nur [1971] has discussed the problem of stressinduced crack orientation and gives a general treatment for velocities in a matrix containing oriented dry cracks.In the case of crustal deformation the orientation of cracks is controlled by the orientation of the principal stresses. In particular, the occurrence of dilatancy should be associated with cracks aligned in a statistical sense. We shall investigate here the extreme case in which the cracks are parallel.The overall elastic symmetry of a material containing parallel penny-shaped cracks is axial or transversely isotropic. Only five elastic constants are then independent. The extreme case of a laminated medium has been examined by Postma Copyright ¸ 1974 by the American Geophysical Union. •11ipsoidal inhomogeneities. This theory has been used by Walsh [1969] to calculate the elastic constants of a solid containing penny-shaped fluid-filled cracks with random orientation. Such a material is isotropic in the large and is described by two elastic constants.We consider an isotropic matrix containing ellipsoidal fluidfilled zones where the axial ratios are a/b = a/c = a < 1. The Eshelby theory neglects i...