It is known that A-stage phenolic resins may be added to various polyvinyl acetate emulsions in order to impart improved water resistance. These A-stage phenolics are intermediates in phenol-formaldehyde condensation reactions. Thus, when such condensation reactions are conducted in the presence of alkaline catalysts, phenol alcohols are initially formed which are capable of polymerizing into high molecular weight molecules containing an appreciable number of methylol groups; each methylol 3,433,701 Patented Mar. 18, 1969 group representing a potential crosslink site. Thus, if the reaction is terminated in its early stages, comparatively short, linear, functional molecules, that are fusible and soluble in both water and conventional solvents, will be produced. The latter condensates are known as resoles or A-stage phenolic resins. If the polymerization is allowed to continue, higher molecular weight, mildly crosslinked resins at the B or resitole stage are produced, which are still fusible and soluble in conventional organic solvents such as acetone but which are no longer soluble in water or alkali solution. Allowing the latter reaction to run its full course results in extensively crosslinked, fully cured, insoluble, infus-ible resites or C-stage phenolic resins.