Exhibit 99.1

FOR IMMEDIATE RELEASE

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

                     TRI-CONTINENTAL CORPORATION (NYSE: TY)
                      RECOMMENCES ITS STOCK REPURCHASE PLAN

NEW YORK, August 22, 2007 - Tri-Continental Corporation (NYSE: TY) announced
that it has recommenced its Stock Repurchase Program. The program authorizes the
Corporation to repurchase Tri-Continental's Common Stock in the open market at
times when the Common Stock is trading at a discount from net asset value (NAV)
of greater than 5%.

"The repurchases are intended to moderate the growth in the number of
Tri-Continental's outstanding shares of Common Stock resulting from Stockholders
that receive all or part of the 2.75% quarterly distributions (or 11% annually)
in shares of Common Stock rather than cash," said Brian T. Zino, President of
Tri-Continental Corporation. He added that the Board of Directors would continue
to monitor Tri-Continental's repurchases of its Common Stock, and to review its
repurchase policy on at least an annual basis.

On April 6, 2007, the Board of Directors approved a suspension of
Tri-Continental's Stock Repurchase Program pending the outcome of the vote of
Stockholders of the Corporation on a proposal to implement a Distribution
Policy. Stockholders approved the new distribution policy in May 2007. Last
month, Tri-Continental achieved a significant milestone in its 78-year history
when the Corporation paid its first quarterly distribution under the new
distribution policy. Under this 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), consisting of distributions of
net income and one or both of net realized capital gains and return of capital.

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.

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.

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