insolubles in toluene this amount will preferably be less than about 1 and is a measure of the zinc oxide solubility in the toluene this test also shows the extent of chelation in the procedure for determining insolubles approximately 5 grams of a resin sample are dissolved in about 45 grams of toluene the solution is then filtered the filtered solution is then placed in an oven at 105 u00b0 c and dried for about 30 minutes the amount of toluene insolubles is determined in accordance with the following equation equ2 the metal modified phenolic resin product can be conveniently stored or shipped as the case may be or easily converted into a dispersion for use as a color developer in a carbonless copying system in converting the metal modified phenolic resin to a dispersion polyvinyl alcohol is used to emulsify the resin in preparing the dispersion a mixture of water resin polyvinyl alcohol and a dispersing agent are combined the concentration of the polyvinyl alcohol can vary from about 2 to 10 and preferably about 8 by weight of the resin to be dispersed as shown for example in u s pat no 4 025 490 to weaver conventional mixing equipment such as a kadymill waring blender cowles mixer and the like can be used to form the dispersion in the examples which follow all parts and percentages are by weight unless otherwise noted a reaction kettle was charged with 200 parts 0 905 moles of nonyl phenol 40 parts 0 29 moles of.