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DIRECTORS APPROVE SUSPENSION OF CASH PURCHASES AND LIQUIDATIONS IN CONJUNCTION WITH TRI-CONTINENTAL CORPORATION RIGHTS OFFERING

 DIRECTORS APPROVE SUSPENSION OF CASH PURCHASES AND LIQUIDATIONS
 IN CONJUNCTION WITH TRI-CONTINENTAL CORPORATION RIGHTS OFFERING
 NEW YORK, Sept. 17 /PRNewswire/ -- The board of directors of Tri- Continental Corporation (NYSE: TY) today authorized the suspension of cash purchases and liquidations via the Automatic Dividend Investment and Cash Purchase Plan beginning Sept. 19, 1992, in conjunction with the upcoming Tri-Continental rights offering. The suspension will remain in effect until 10 business days following the close of the subscription period of the rights offering. The Automatic Check Service will also be suspended. The Automatic Cash Withdrawal Plan, and other payment programs that occur on a scheduled basis, will not be suspended during the subscription period.
 A registration statement relating to this offering was filed an Aug. 4, 1992, with the Securities and Exchange Commission. The offering will entitle common stockholders to one transferable right for each share of common stock held on the record date, on or about Oct. 2, 1992. Seven rights will be required to purchase one share of common stock at the subscription price. The subscription price will be determined on or about the record date and will be announced through the public media. The offering period will last approximately one month.
 Tri-Continental Corporation, founded in 1929, has over $1.9 billion in assets and is the nation's largest, diversified closed-end equity investment company. It is managed by J. & W. Seligman & Co. Incorporated, established in 1864, an investment manager and advisor with more than $10 billion in assets under management.
 A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold or may offers to buy be accepted prior to the time the registration statement becomes effective. This shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any of securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 -0- 9/17/92
 /CONTACT: Heather MacLeod, corporate communications of J. & W. Seligman & Co. Incorporated, 212-488-0383/
 (TY) CO: Tri-Continental Corp. ST: New York IN: FIN SU: OFR


TM-LD -- NY098 -- 0909 09/17/92 18:44 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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