EXHIBIT 99.1


FOR IMMEDIATE RELEASE

MEDIA CONTACT:                              STOCKHOLDER CONTACT:
Mary Ann Susco                              Marco Acosta
(212) 850-1382                              1-800-597-6068
suscom@jwseligman.com                       acostam@jwseligman.com


 Tri-Continental Corporation Seeks SEC Authorization to Periodically Distribute
         Long-term Capital Gains as Part of its 11% Distribution Policy

NEW YORK, August 15, 2007 - Tri-Continental Corporation (NYSE: TY) announced
today that it has applied to the Securities and Exchange Commission (SEC) for an
exemption to permit the Corporation to make periodic distributions of long-term
capital gains as a part of its regular quarterly distributions to Common
Stockholders.

Last month, Tri-Continental achieved a significant milestone in its 78-year
history when the Corporation paid its first quarterly distribution under a new
policy approved by Stockholders in May 2007. Under the new policy,
Tri-Continental will distribute quarterly to Common Stockholders a minimum
amount per share equal to 2.75% of the NAV attributable to Tri-Continental's
common stock at the end of the prior calendar quarter (or approximately 11%
annually). The distributions will consist of net income and one or both of net
realized capital gains, and return of capital. However, under SEC rules the
number of quarterly distributions that can include long-term capital gains is
limited.

"The exemption that Tri-Continental has applied for would give the Corporation
the ability to provide long-term capital gains on a periodic basis, which will
be beneficial to Stockholders," said Brian T. Zino, President of Tri-Continental
Corporation. He added that distribution policies, such as the one recently
adopted, historically have had a favorable impact on the market price of
closed-end fund shares relative to their net asset value, resulting in their
trading at lower discounts or at premiums. "Tri-Continental recognizes that
periodic distributions are important to Stockholders whether they invest
distributions in the Corporation's shares or take some or all of their
distributions in cash," he said.

Tri-Continental recognizes that there can be no assurance that the SEC will
grant its application and that the SEC has not approved similar applications by
other closed-end funds for a number of years although many are pending. Until
the application is granted, Tri-Continental will not include long-term capital
gains in distributions more frequently than currently permitted by SEC rules.

Tri-Continental Corporation is one of the nation's largest, diversified,
publicly traded closed-end equity investment companies and has paid dividends
for 63 consecutive years. The Corporation is managed by J.&W. Seligman & Co.
Incorporated, a New York-based investment manager and advisor, which was founded
in 1864. Seligman Advisors, Inc. is the principal underwriter of the Seligman
mutual funds.

You should consider the investment objectives, risks, charges and expenses of
the Corporation carefully before investing. A prospectus containing information
about the Corporation (including its investment objectives, risks, charges,
expenses and other information) may be obtained by calling 800-TRI-1092. The
prospectus should be read carefully before investing in the Corporation.