Exhibit 99.1

More Information Contact:              Mary Ann Susco
                                       Corporate Communications
                                       J. & W. Seligman & Co. Incorporated (212)
                                       850-1382 suscom@jwseligman.com
 Stockholder Contact:
                                       Marco Acosta
                                       (212) 850-1333
                                       acostam@jwseligman.com

             Stockholders of Tri-Continental Corporation (NYSE: TY)
            Approve New Investment Management Services Agreement with
                        RiverSource Investments, LLC and
                             Elect Ten New Directors

NEW  YORK,   October  7,  2008  -  Today,   Tri-Continental   Corporation   (the
"Corporation")  (NYSE:  TY) held a Special Meeting of Stockholders in Baltimore,
Maryland (the  "Meeting") and announced that  Stockholders  approved each of the
Board's two recommendations.  Stockholders  approved a new investment management
services agreement (the "New Agreement") between the Corporation and RiverSource
Investments,  LLC ("RiverSource"),  a subsidiary of Ameriprise  Financial,  Inc.
(Proposal 1), and elected ten new Directors to the Corporation's Board (Proposal
2).

As described in the Corporation's proxy statement in respect of the Meeting, the
effectiveness of each of Proposal 1 and Proposal 2 are contingent on the closing
of the  acquisition  of J. & W. Seligman & Co.  Incorporated  ("Seligman"),  the
Corporation's   current  manager,  by  RiverSource  (the   "Acquisition").   The
Acquisition  is  expected  to  occur  in the  fourth  quarter  of  2008.  If the
Acquisition  does  not  take  place,  then the New  Agreement  will  not  become
effective  and the current  management  agreement  between the  Corporation  and
Seligman will continue in effect.

Stockholders  of the  Corporation  elected the  following  ten Directors to take
office upon the closing of the  Acquisition:  Kathleen  Blatz,  Arne H. Carlson,
Pamela G. Carlton, Patricia M. Flynn, Anne P. Jones, Jeffrey Laikind, Stephen R.
Lewis, Jr., Catherine James Paglia, Alison Taunton-Rigby and William F. Truscott
(collectively,  the "New Directors"). Mses. Blatz, Carlton and Taunton-Rigby and
Mr.  Truscott have been elected to the class of Directors whose term will expire
at the annual  meeting to be held in 2009,  Ms. Jones and Mr.  Carlson have been
elected to the class of Directors  whose term will expire at the annual  meeting
to be held in 2010,  and Mses.  Flynn and Paglia and  Messrs.  Laikind and Lewis
have been elected to the class of Directors whose term will expire at the annual
meeting  to be held in 2011,  and (in each  case)  until  their  successors  are
elected and qualify.  Messrs. Leroy C. Richie and John F. Maher will continue to
serve as Directors of the Corporation after the Acquisition,  which would result
in an overall increase from ten Directors to 12 Directors of the Corporation. If
the Acquisition  does not take place for any reason,  the size of the Board will
not be  increased,  the  New  Directors  will  not  serve  as  Directors  of the
Corporation,  and the Directors of the



Corporation serving prior to the election of the New Directors will continue to
serve as Directors of the Corporation.

The  Corporation is one of the nation's  largest,  diversified,  publicly traded
closed-end equity investment companies and has paid dividends for 64 consecutive
years.  The  Corporation  is  currently  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.

The net asset value of shares may not always  correspond  to the market price of
such shares. Shares of many closed-end funds frequently trade at a discount from
their net asset value. The Corporation is subject to stock market risk, which is
the risk that stock prices  overall  will  decline  over short or long  periods,
adversely affecting the value of an investment in the Corporation.

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  about the  Corporation)  may be  obtained  by
contacting your financial  advisor or Seligman  Advisors,  Inc. at 800-221-2783.
The prospectus should be read carefully before investing in the Corporation.

There is no guarantee that the Corporation's investment goals/objectives will be
met, and you could lose money.