Abstract: The present invention discloses an aqueous resin composition containing (A) a copolymer of (a) a monomer having one or more aldehyde groups or ketone groups, and a radical polymerizable unsaturated bond, in a molecule, with (b) a monomer having a radical polymerizable unsaturated bond copolymerizable with the monomer (a); (B) a hydrazine compound of the following formula (1) where R1, R2, R3 and R4 independently represent a hydrogen atom, or a hydroxyl group, p denotes an integer of 0 to 3, and q denotes an integer of 2 to 8, provided that the relationships p+q≦8 and p<q are satisfied; and an aqueous medium. When the aqueous resin composition of the present invention is applied and then dried, a film excellent in film intactness, transparency, whitening after water immersion, and adhesion after water immersion can be formed.

Abstract: A process of preparing radical anions which comprises reacting sodium and a polycyclic aromatic compound in a reaction solvent to prepare radical anions and supplying androstane-1,4-diene-3,17-dione-17-acetal into the obtained reaction mixture to reduce the same into an estrone acetal, characterized in that a solvent comprising polyethers having three or more ether bonds and maintained at a concentration higher than a predetermined value is used as the reaction solvent and the reaction is carried out at a temperature of from the melting point of sodium to 105.degree. C. The process according to this invention can produce an estrone acetal at a high yield and with economical advantages in the industrial scale and the estrone acetal thus obtained is useful as an estrone precursor which is important as a female hormone.