The present invention, surprisingly, provides smooth, stable, water resistant adhesive compositions comprising the combination of stabilized polyvinyl acetate aqueous emulsions with B-stage phenolic resins. When reference is here made to the term stabilized polyvinyl acetate emulsions, the latter term is meant to denote vinyl acetate homoor copolymer emulsions which have been conditioned to render the same compatible with and which can then readily tolerate the addition thereto of a solution of a B-stage phenolic resin in an organic solvent such as methanol, ethanol, propanol or acetone; the latter tolerance being directly indicated by the absence of any coagulation upon such admixture. In addition, the compositions of this invention also contain acidic, metal salt curing agents