SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* WELLS FARGO & CO/MN (Last) (First) (Middle) 420 Montgomery Street (Street) San Francisco CA 94163 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/17/2003	3. Issuer Name and Ticker or Trading Symbol SCHMITT INDUSTRIES INC [ SMIT ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	533,331(1)	I	See footnote 1.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* WELLS FARGO & CO/MN (Last) (First) (Middle) 420 Montgomery Street (Street) San Francisco CA 94163 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* WELLS FARGO BANK N A (Last) (First) (Middle) 420 MONTGOMERY STREET (Street) SAN FRANCISCO CA 94163 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Wells Fargo Bank, National Association (the "Bank") is an indirectly wholly-owned subsidiary of the Reporting Person and a joint filer to this Form 3. The Bank may be deemed to have acquired these shares when it gave notice to insiders of the Issuer of the Bank's intent to dispose of such shares pledged by the insiders to the Bank (the "Notice") to secure loan(s) by the Bank, following the insiders' default on such loan. Although the Reporting Person and the Bank may each be deemed the beneficial owner of these shares under section 13d-1(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), the Reporting Person and the Bank each disclaim beneficial ownership of these shares as the disposition of these shares pursuant to the Notice has not yet occurred, and, if such disposition occurs, will be attributable to such insiders under Section 16 of the Exchange Act.

Remarks:

	Laurel A. Holschuh, Senior Vice President and Secretary, Wells Fargo & Company	12/29/2003
	Michael C. Chacon, Senior Vice President, Wells Fargo Bank, National Association	12/29/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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