BACKGROUND OF THE INVENTION 1. FIELD OF THE INVENTION The invention generally relates to an adjusting device for adjusting the position of a cutting edge of an insert mounted into a cutter block. 2. DESCRIPTION OF THE RELATED ART Cutting tools typically have a cylindrical tool body having pockets around the periphery of the body into which cutting inserts are mounted. Each insert is secured into its respective pocket by a clamping screw which extends through a hole in the insert. The pockets and screws provide a secure mount; however, this method does not provide for adjustment in the position of the cutting edge of the insert. Small misalignments in the inserts can result in tool marks in the workpiece. These variations may occur in the manufacturing of the insert or from uneven wear during use. Thus, it is advantageous to be able to adjust the position of the inserts within the pocket. Accordingly, the invention relates to an improvement for a cutter block and an insert which provides for precise adjustment in the cutter edge of the insert while securely holding the insert in place.

SUMMARY OF THE INVENTION According to one aspect of the invention, a cutter block for supporting at least one cutting insert is provided. The cutter block includes a generally cylindrical body. A pocket is formed in the body for supporting the insert. The pocket is defined by a side wall, a clamping wall spaced from the side wall, and an end wall extending between the side wall and clamping wall. The clamping wall defines a clamping portion and is cantilevered from the end wall for movement of the clamping portion into the pocket for retaining the insert in the pocket. According to another aspect of the invention, a bore is formed in the body for receiving therein a shaft member having a cam surface. The bore is disposed adjacent the pocket such that the cam surface is presented for engaging the insert, whereby the position of the insert relative to the body is adjusted in response to corresponding rotation of the shaft member.

BRIEF DESCRIPTION OF THE DRAWINGS Advantages of the present invention will be readily appreciated as the same becomes better understood by reference to the following detailed description when considered in connection with the accompanying drawings, wherein: Figure 1 is a top elevational view of a cutter block according to the invention; Figure 2 is an enlargement of the top elevational view showing a pocket defined in the cutter block; Figure 3 is a side elevational view of the cutter block; Figure 4 is a front elevational view of the cutter block; Figure 5 is a perspective view of a cutting insert according to the invention, which shows a side of the insert having a keyway; Figure 6 is a perspective view of the cutting insert, which shows a side of the insert having a cutting edge; Figure 7 is another perspective view of the cutting insert; Figure 8 is a front elevational view of the cutting insert; Figure 9 is a side elevational view of the cutting insert; Figure 10 is a top elevational view of the cutting insert; Figures 11a and lib are top and side elevational views of an adapter spindle, which is supported in a recess in the cutting block of Figure 1; Figures 12a and 12b are top and side elevational views of a threaded locking member which locks the position of the insert relative to the block; and Figures 13a, 13b and 13c are top, side and front elevational views of DETAILED DESCRIPTION OF THE INVENTION As shown in Figures 1-12, the invention relates to a cutter block 10 having a cutting pocket 12 with a key 14 and a cantilevered clamping portion or wall 16 formed adjacent the pocket 12 for retaining an insert 18 in the pocket 12. The insert 18 includes a key way 20 and a cutting edge 21. As shown in Figures 1-8, the cutter block 10 has a generally cylindrical body 22 having a central cylindrical recess 24 for receiving a spindle adapter 27, as shown in Figure 11. A plurality of pockets 12 are spaced around a circumference 25 of an outer annular portion 26 of the body 22. Each pocket 12 is preceded in a direction of cutting block rotation by a suitably shaped chip gullet 28. As best shown in Figure 2, the pocket 12 is formed by a side wall 30, an end wall 34 and the clamping wall 16. The side wall 30 extends parallel with a radius 32 extending through the pocket 12. The end wall 34 extends normally to the side wall 30. The clamping wall 16 extends from the end wall 34 to the circumference 25 of the outer annular portion 26. The clamping wall 16 angles towards the side wall 30 as it extends from the end wall 34 to the circumference 25. The clamping wall 16 is angled at approximately 10°. The key 14 extends outwardly from the side wall 30 into the pocket 12 approximately midway between the end wall 34 and edge of the chip gullet 28. As will be discussed below, the key 14 is complementary with the keyway 20 formed in the insert 18. An L-shaped cut 38 is formed the body 22 of the cutter block 10. The cut 38 extends in an axial direction from an end surface 40 of the cutter body 22. At least a portion of the L-shaped cut 38 defines the cantilevered clamping wall 16. A free end 42 of the short portion 38a of the L-shaped cut 38 is defined by a generally circular aperture 43, which is positioned radially inwardly from a joint formed between the end wall 34 and the clamping wall 16. The cut 38 continues from the free end 42 along a cord which is generally normal to the radius of the body 22 passing through the pocket 12 and then turns generally orthogonally along a long portion 38b. The long portion 38b is substantially parallel with the side wall 30 and extends between the short portion 38a and the circumference 25 of the body 22. The cut 38 may be formed by EDM machining or other suitable processes. The clamping wall 16 is elastically deformable into the pocket 12. A conical bore 44 is disposed between the end wall 34 and an inner annular portion 46 of the body 22. The conical bore 44 extends between the circumferential wall 25 and a threaded bore 48. The conical bore 44 is generally coaxial with the threaded bore 48. The conical bore 44 extends axially along a line on a plane passing through the long portion 38b of the L-shaped cut 38. Thus, a threaded locking member 49, as shown in Figure 12, having a conical head may be threadably inserted into the conical bore 44 to cam the clamping wall 16 outwardly into the pocket 12 against the insert 18. A second bore 50 is formed in the inner annular portion 46 just below each pocket 12 to accept a cam member 51. The cam member 51 includes a shaft portion 53 and a cam surface 55 adjacent the shaft portion 53. With shaft portion 53 of the cam member 51 disposed in the second bore 50, the cam surface 55 is presented in the pocket 12 for camming engagement with the insert 18 during rotation of the shaft portion 53 in the second bore 50. As shown in Figures 9-12, the insert 18 has four sides 52, 54, 56, 58 and a top 60 and a bottom 62. Three sides 52, 54, 56 are formed to be complementary with the sides of the pocket 12. The fourth side 58 holds the cutting edge 21. One of the three sides 52 has the key way 20 formed to receive the key 14 in the side wall 30 of the pocket 12. The insert 18 is slid into the pocket 12, wherein the bottom 62 of the insert 18 is presented for engaging the cam surface 55 of the cam member 51. To adjust the position of the cutting edge 21 relative to the cutting block 10, the shaft portion 53 of the cam member 51 is inserted into the cutter body 22. The shaft portion 53 is then rotated to cause the cam surface 55 to act upon the insert 18, which in turn causes the adjustment of the insert 18 and the cutting edge 21 relative to the cutting block 10. When the cutting edge 21 is in the proper position, the threaded locking member 49 is threadably advanced into the conical bore 44 to deform the clamping wall 16 against the insert 18, thereby locking position of the insert 18 relative to the block 10. In this way a novel cutting block 10 and insert 18 are formed to permit ready and accurate adjustment of the insert 18 within the cutter block 10. The invention has been described in an illustrative manner. It is, therefore, to be understood that the terminology used is intended to be in the nature of words of description rather than of limitation. Many modifications and variations of the invention are possible in light of the above teachings. Thus, within the scope of the appended claims, the invention may be practiced other than as specifically described.