MIAMI - Eleven companies have signed letters of intent to participate in Spectrum LLC, the Internet bill presentment joint venture of Chase Manhattan Corp., First Union Corp., and Wells Fargo & Co.New participants include Comerica Inc., First Tennessee National Corp., HSBC USA Inc., Mellon Financial Corp., M&I Marshall & Ilsley National Bank, Michigan National Corp., Summit Bancorp, and Wachovia Corp. A news release did not name the other institutions that intend to participate.

William B. Harrison Jr., president and chief executive officer of Chase Manhattan, said the "big banks coming into this electronic exchange will create critical mass. It's another positive step."

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