SELIGMAN SELECT MUNICIPAL FUND INC, DEF 14A, 1999-04-23

SELIGMAN SELECT MUNICIPAL FUND INC
DEF 14A, 1999-04-23

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SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934

(AMENDMENT NO. ___)

Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to section 240.14a-11(c)
or section 240.14a-12

SELIGMAN SELECT MUNICIPAL FUND, INC.
(Name of Registrant as Specified in its Charter)

[Insert Name]
(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:

<PAGE>

Seligman Select Municipal Fund, Inc.

100 Park Avenue, New York, New York 10017
New York City Telephone (212) 850-1864
Toll-Free Telephone (800) 221-2450

Notice of Annual Meeting of Stockholders
to be held on May 20, 1999

To the Stockholders:

The ninth Annual Meeting of Stockholders (the "Meeting") of Seligman Select
Municipal Fund, Inc., a Maryland corporation (the "Corporation"), will be held
at the Four Seasons Resort, 2800 South Ocean Boulevard, Palm Beach, Florida
33480 on May 20, 1999 at 9:00 A.M., for the following purposes:

(1) To elect four Directors;
(2) To act on a proposal to ratify the selection of Deloitte & Touche
LLP as auditors of the Corporation for 1999; and
(3) To transact any other business that may lawfully come before the
Meeting or any adjournment thereof;

all as set forth in the Proxy Statement accompanying this Notice.

The minute book of the Corporation will be available at the Meeting for in-
spection by Stockholders.

The close of business on March 18, 1999 has been fixed as the record date
for the determination of Stockholders entitled to notice of, and to vote at,
the Meeting or any adjournment thereof.

By order of the Board of Directors,

/s/ Frank J. Nasta

Secretary

Dated: New York, New York, April 21, 1999

------------

YOUR VOTE IS IMPORTANT
NO MATTER HOW MANY SHARES YOU OWN

Please indicate your voting instructions on the enclosed Proxy Card, date and
sign it, and return it in the envelope provided, which is addressed for your
convenience and needs no postage if mailed in the United States. In order to
avoid the additional expense of further solicitation, we ask your cooperation
in mailing your Proxy promptly. A Proxy will not be required for admission to
the Meeting.
<PAGE>

April 21, 1999

Seligman Select Municipal Fund, Inc.

100 Park Avenue, New York, New York 10017

PROXY STATEMENT

for the
Annual Meeting of Stockholders to be held on May 20, 1999

This Proxy Statement is furnished to you in connection with the solicitation
of Proxies by the Board of Directors of Seligman Select Municipal Fund, Inc.
(the "Corporation") to be used at the ninth Annual Meeting of Stockholders
(the "Meeting") to be held in Palm Beach, Florida on May 20, 1999.

If the accompanying form of Proxy is executed properly and returned, shares
represented by it will be voted at the Meeting. If you give instructions, your
shares will be voted in accordance with your instructions. If you give no in-
structions and return your signed Proxy, your shares will be voted (i) for the
election of each of the nominees for Director, (ii) for the ratification of
the selection of auditors and, at the discretion of the Proxy holders, on any
other matter which may properly have come before the Meeting or any adjourn-
ment thereof. You may revoke your Proxy or change it by written notice to the
Corporation (Attention: Secretary) or by notice at the Meeting at any time
prior to the time it is voted.

The close of business on March 18, 1999 has been fixed as the record date
for the determination of Stockholders entitled to notice of, and to vote at,
the Meeting or any adjournment thereof. On that date, the Corporation had out-
standing 375 preferred shares, Series A and 375 preferred shares, Series B
(together, the "Preferred Shares"), and 13,274,216 shares of common stock, par
value $0.01 per share (the "Common Shares"), each such Preferred Share and
Common Share outstanding on the record date being entitled to one vote. For
all matters to be voted upon, an abstention or broker non-vote will not be
considered a vote cast.

The Corporation's manager is J. & W. Seligman & Co. Incorporated (the "Man-
ager"). The Corporation's stockholder service agent is Seligman Data Corp. The
address of each of these entities is 100 Park Avenue, New York, NY 10017. The
Corporation will furnish, without charge, a copy of its most recent annual re-
port and most recent semi-annual report, if any, to any Stockholder upon re-
quest to Seligman Data Corp. at 1-800-221-2450.

2
<PAGE>

It is expected that the Notice of Annual Meeting, Proxy Statement and form
of Proxy will first be mailed to Stockholders on or about April 21, 1999.

A. Election of Directors
(Proposal 1)

The Board of Directors is presently comprised of twelve Directors. The Board
is divided into three classes, and the members of each class hold office for a
term of three years unless elected in the interim. The term of one class ex-
pires in each year.

At the Meeting this year, four directors are to be elected. Messrs. John E.
Merow, James C. Pitney and James N. Whitson and Ms. Betsy S. Michel, each of
whose term will expire at the 1999 Annual Meeting, have been recommended by
the Director Nominating Committee of the Board of Directors of the Corporation
for election to the class whose term will expire in 2002. Messrs. Merow and
Pitney have been nominated for election by the holders of the Common Shares
and Preferred Shares, voting together as a single class, and Ms. Michel and
Mr. Whitson have been nominated for election by the Preferred Shares, voting
as a separate class.

It is the intention of the persons named in the accompanying form of Proxy
to nominate and to vote such Proxy on behalf of the holders of the Common
Shares and Preferred Shares for the election of Messrs. Merow, Pitney and
Whitson and Ms. Michel (Messrs. Merow and Pitney are designated as both Common
and Preferred Directors and Ms. Michel and Mr. Whitson are each designated a
Preferred Director).

Each nominee has agreed to serve if elected. There is no reason to believe
that any of the nominees will become unavailable for election as a Director of
the Corporation, but if that should occur before the Meeting, Proxies will be
voted for the persons the Board of Directors recommends.

Background information, including the period for which each has served as
Director, for Messrs. Merow, Pitney and Whitson and Ms. Michel, as well as the
other Directors of the Corporation, follows.

3
<PAGE>

INFORMATION REGARDING NOMINEES FOR ELECTION
BY HOLDERS OF BOTH PREFERRED SHARES AND COMMON SHARES

Principal Occupation and Other
Information

<TABLE>
<CAPTION>
Securities
The persons designated by asterisk Beneficially
Expiration (*) are "interested persons" of the Owned,
of Fund (as that term is defined in the Directly or
Name, Period Term if Investment Company Act of 1940, Indirectly, as
Served as a Elected as as amended) because of their stated of
Director and (Age) a Director associations. March 18, 1999
------------------ ------------ ------------------------------------- --------------
<C> <C> <S> <C>
</TABLE>
Retired Chairman and Senior
John E. Merow 2002 Partner, Sullivan & Cromwell, 1,000 Com-
1991 to Date law firm, New York, NY. Mr. mon Shares
(69) Merow is a Director or Trustee
of each of the Seligman Group of
investment companies.+ He is
also a Director of Commonwealth
[PHOTO] Industries, Inc., the Foreign
Policy Association, the Munici-
pal Art Society of New York, and
the United States Council for
International Business; Chairman
of the American Australian Asso-
ciation; Chairman of the New
York Presbyterian Healthcare
Network, Inc. and a Trustee of
the New York Presbyterian Hospi-
tal; Vice Chairman of the United
States-New Zealand Council; and
a Member of the American Law In-
stitute and the Council on For-
eign Relations.

James C. Pitney 2002 Retired Partner, Pitney, Hardin, 4,221 Com-
1990 to Date Kipp & Szuch, law firm, mon Shares
(72) Morristown, NJ. Mr. Pitney is a
Director or Trustee of each of
the Seligman Group of investment
companies.+ He was formerly a
[PHOTO] Director of Public Service En-
terprise Group.

4
<PAGE>

INFORMATION REGARDING NOMINEES FOR ELECTION BY HOLDERS OF PREFERRED SHARES

Principal Occupation and Other
Information

James N. Whitson 2002 Retired Executive Vice President 763 Common
1993 to Date and Chief Operating Officer of Shares
(64) Sammons Enterprises, Inc., Dal-
las, TX. Mr. Whitson is a Direc-
tor or Trustee of each of the
Seligman Group of investment
[PHOTO] companies.+ He is also a Consul-
tant to and Director of Sammons
Enterprises, Inc.; and a Direc-
tor of C-SPAN and CommScope,
Inc. He was formerly a Director
of Red Man Pipe and Supply Com-
pany.

5
<PAGE>

Other Directors

The other Directors of the Corporation whose terms will not expire in 1999
are:

Principal Occupation and Other
Information

<TABLE>
<CAPTION>
Securities
The persons designated by asterisk Beneficially
Expiration (*) are "interested persons" of the Owned,
Name, Period of Fund (as that term is defined in the Directly or
Served as Term if Investment Company Act of 1940, Indirectly, as
a Director and Elected as as amended) because of their stated of
(Age) a Director associations. March 18, 1999
-------------- ------------ ------------------------------------- --------------
<C> <C> <S> <C>
</TABLE>
John R. Galvin 2000 Dean, Fletcher School of Law 100 Common
1995 to Date and Diplomacy at Tufts Univer- Shares
(69) sity, Medford, MA. General Gal-
vin is a Director or Trustee of
each of the Seligman Group of
investment companies.+ He is
also Chairman Emeritus of the
American Council on Germany; a
Governor of the Center for Cre-
ative Leadership; and a Direc-
tor of Raytheon Co., the Na-
tional Defense University, and
the Institute for Defense Anal-
yses. He was formerly a Direc-
tor of USLIFE Corporation; Am-
bassador, U.S. State Department
for negotiations in Bosnia;
Distinguished Policy Analyst at
Ohio State University; and Olin
Distinguished Professor of Na-
tional Security Studies at the
United States Military Academy.
From June 1987 to June 1992,
General Galvin was the Supreme
Allied Commander, Europe and
the Commander-in-Chief, United
States European Command.

6
<PAGE>

Principal Occupation and Other
Information

Frank A. 2001 Retired Chairman of the Board 170 Common
McPherson 1995 and Chief Executive Officer of Shares
to Date (65) Kerr-McGee Corporation, Oklahoma
City, OK. Mr. McPherson is a Di-
rector or Trustee of each of the
Seligman Group of investment
companies.+ He is also a Direc-
tor of Kimberly-Clark Corpora-
tion, Bank of Oklahoma Holding
Company, Baptist Medical Center,
Oklahoma Chapter of the Nature
Conservancy, Oklahoma Medical
Research Foundation, and Na-
tional Boys and Girls Clubs of
America; and President of the
Oklahoma Foundation for Excel-
lence in Education. He was for-
merly Chairman of the Oklahoma
City Chamber of Commerce and the
Oklahoma City Public Schools
Foundation; a Director of the
Federal Reserve System's Kansas
City Reserve Bank; and a Member
of The Business Roundtable.

7
<PAGE>

Principal Occupation and Other
Information

James Q. Riordan 2000 Director, various organizations, 683 Common
1990 to Date Stuart, FL. Mr. Riordan is a Di- Shares
(71) rector or Trustee of each of the
Seligman Group of investment
companies.+ He is also a Direc-
tor or Trustee of The Houston
Exploration Company, The Brook-
lyn Museum, KeySpan Energy Cor-
poration, The Committee for Eco-
nomic Development, and Public
Broadcasting Service (PBS). He
was formerly Vice Chairman of
Mobil Corporation; Co-Chairman
of the Policy Council of the Tax
Foundation; a Director and Pres-
ident of Bekaert Corporation;
and a Director of Tesoro Petro-
leum Companies, Inc. and Dow
Jones & Company, Inc.

8
<PAGE>

Principal Occupation and Other
Information

<TABLE>
<CAPTION>
Securities
The persons designated by asterisk Beneficially
Expiration (*) are "interested persons" of the Owned,
Name, Period of Fund (as that term is defined in the Directly or
Served as Term if Investment Company Act of 1940, Indirectly, as
a Director and Elected as as amended) because of their stated of
(Age) a Director associations. March 18, 1999
-------------- ------------ ------------------------------------- --------------
<C> <C> <S> <C>
</TABLE>
Richard R. 2001 Director and Managing Director, 1,568
Schmaltz* 1997 to Director of Investments, J. & W. Common
Date (58) Seligman & Co. Incorporated, New Shares
York, NY. Mr. Schmaltz is a Di-
rector or Trustee of each of the
Seligman Group of investment
companies,+ with the exception
of Seligman Cash Management
Fund, Inc. He is also a Director
of Seligman Henderson Co. and a
Trustee Emeritus of Colby Col-
lege. He was formerly Director,
Investment Research at Neuberger
& Berman from May 1993 to Sep-
tember 1996.

Robert L. Shafer 2000 Retired Vice President of Pfizer 201 Common
1991 to Date Inc., New York, NY. Mr. Shafer Shares
(66) is a Director or Trustee of each
of the Seligman Group of invest-
ment companies.+ He was formerly
a Director of USLIFE Corpora-
tion.

9
<PAGE>

Principal Occupation and Other
Information

<TABLE>
<CAPTION>
Securities
The persons designated by asterisk Beneficially
Expiration (*) are "interested persons" of the Owned,
Name, Period of Fund (as that term is defined in the Directly or
Served as Term if Investment Company Act of 1940, Indirectly, as
a Director and Elected as as amended) because of their stated of
(Age) a Director associations. March 18, 1999
-------------- ------------ ------------------------------------- --------------
<C> <C> <S> <C>
</TABLE>
Brian T. Zino* 2001 Director and President, J. & W. 1,575
1993 to Date Seligman & Co. Incorporated, New Common
(46) York, NY. Mr. Zino is President Shares
of each of the Seligman Group of
investment companies,+ with the
exception of Seligman Quality
Municipal Fund, Inc. and the
Corporation. He is also a Direc-
tor or Trustee of each of the
Seligman Group of investment
companies; Chairman of Seligman
Data Corp.; and a Director of
Seligman Advisors, Inc., and Se-
ligman Services, Inc. He is also
a Member of the Board of Gover-
nors of the Investment Company
Institute and a Director of ICI
Mutual Insurance Company.

+The Seligman Group of investment companies consists of the Corporation, Se-
ligman Capital Fund, Inc., Seligman Cash Management Fund, Inc., Seligman Com-
mon Stock Fund, Inc., Seligman Communications and Information Fund, Inc., Se-
ligman Frontier Fund, Inc., Seligman Growth Fund, Inc., Seligman Henderson
Global Fund Series, Inc., Seligman High Income Fund Series, Seligman Income
Fund, Inc., Seligman Municipal Fund Series, Inc., Seligman Municipal Series
Trust, Seligman New Jersey Municipal Fund, Inc., Seligman Pennsylvania Munici-
pal Fund Series, Seligman Portfolios, Inc., Seligman Quality Municipal Fund,
Inc., Seligman Value Fund Series, Inc. and Tri-Continental Corporation.

10
<PAGE>

Unless otherwise indicated, Directors have sole voting and investment power
with respect to shares shown. At March 18, 1999, all Directors and officers of
the Corporation as a group owned beneficially less than 1% of the Corpora-
tion's Common Shares.

As of January 1, 1998, Mr. Richard R. Schmaltz bought 500 Class A common
shares and 1,000 Class B common shares of the Manager from the Manager, each
at a price of $239.48 per share. As of January 1, 1999, Mr. Schmaltz bought
1,000 Class B common shares of the Manager from the Manager, each at a price
of $307.53 per share.

The Board of Directors met six times during 1998. The standing committees of
the Board include the Board Operations Committee, Audit Committee and Director
Nominating Committee. These Committees are comprised solely of Directors who
are not "interested persons" of the Corporation as that term is defined in the
Investment Company Act of 1940, as amended (the "1940 Act"). The duties of
these Committees are described below.

Board Operations Committee. This Committee has authority generally to direct
the operations of the Board, including the nomination of members of other
Board Committees and the selection of legal counsel for the Corporation. The
Committee met four times in 1998. Members of the Committee are Messrs. Riordan
(Chairman), Galvin, McPherson, Merow, Pitney, Shafer and Whitson, Dr. Ilchman
and Ms. Michel.

Audit Committee. This Committee recommends the independent public accoun-
tants for selection as auditors by the Board and stockholder approval annual-
ly. In addition, it reviews, with the auditors and such other persons as it
determines, (a) the scope of audit, (b) accounting and financial internal con-
trols, (c) quality and adequacy of the accounting staff and (d) reports of the
auditors. The Committee comments to the Board when warranted and at least an-
nually. It is directly available to the auditors and officers of the Corpora-
tion for consultation on audit, accounting and related financial matters. The
Committee met twice in 1998. Members of this Committee are Messrs. Whitson
(Chairman), Galvin, McPherson and Merow and Ms. Michel.

Director Nominating Committee. This Committee recommends to the Board per-
sons to be nominated for election as Directors by the Stockholders and selects
and proposes nominees for election by the Board between Annual Meetings. The
Committee will consider suggestions from Stockholders submitted in writing to
the Secretary of the Corporation. The Committee met twice in 1998. Members of
this Committee are Messrs. Pitney (Chairman), Riordan and Shafer and
Dr. Ilchman.

11
<PAGE>

Executive Officers of the Corporation

Information with respect to Executive Officers, other than Messrs. Morris and
Zino, is as follows:

<TABLE>
<CAPTION>
Position with Corporation and
Name Age Principal Occupation During Past Five Years
- --------------------------------------------------------------------------------------------------
<C> <C> <S>
Thomas G. Moles 57 President and Portfolio Manager of the Corporation since January 1990.
Mr. Moles is a Managing Director of the Manager. He is President and
Portfolio Manager of Seligman Quality Municipal Fund, Inc., and Vice
President and Portfolio Manager of four of the open-end investment compa-
nies in the Seligman Group. He is also a Director of Seligman Advisors,
Inc. and Seligman Services, Inc.
Eileen A. Comerford 41 Vice President and Assistant Portfolio Manager of the Corporation since
January 1990. Ms. Comerford is a Vice President, Investment Officer of
the Manager. She is also Vice President and Assistant Portfolio Manager
of Seligman Quality Municipal Fund, Inc., and Assistant Portfolio Manager
of four of the open-end investment companies in the Seligman Group.
Audrey G. Kuchtyak 39 Vice President of the Corporation since November 1990. Ms. Kuchtyak is a
Vice President, Investment Officer of the Manager. She is also Vice Pres-
ident of Seligman Quality Municipal Fund, Inc.
Lawrence P. Vogel 42 Vice President of the Corporation since January 1992. Mr. Vogel is Senior
Vice President, Finance of the Manager. He is Vice President of the other
investment companies in the Seligman Group. He is also Senior Vice Presi-
dent, Finance of Seligman Advisors, Inc. and Seligman Data Corp.; Vice
President and Treasurer of Seligman International, Inc.; Vice President
of Seligman Services, Inc.; and Treasurer of Seligman Henderson Co.
</TABLE>

12
<PAGE>

<TABLE>
<CAPTION>
Position with Corporation and
Name Age Principal Occupation During Past Five Years
- --------------------------------------------------------------------------------------------------
<C> <C> <S>
Frank J. Nasta 34 Secretary of the Corporation since March 1994. Mr. Nasta is General Counsel,
Senior Vice President, Law and Regulation and Corporate Secretary of the Man-
ager. He is Secretary of the other investment companies in the Seligman Group.
He is also Corporate Secretary of Seligman Advisors, Inc., Seligman Services,
Inc., Seligman Henderson Co., Seligman International Inc., and Seligman Data
Corp.
Thomas G. Rose 41 Treasurer of the Corporation since November 1992. Mr. Rose is Treasurer of the
other investment companies in the Seligman Group. He is also Treasurer of Se-
ligman Data Corp.
</TABLE>

All officers are elected annually by the Board and serve until their succes-
sors are elected and qualify or their earlier resignation. The address of each
of the foregoing officers is 100 Park Avenue, New York, New York 10017.

13
<PAGE>

Remuneration of Directors and Officers

Directors of the Corporation who are not employees of the Manager or its af-
filiates each receive from the Corporation retainer fees of $3,000 per year.
In addition, such Directors are paid a total of $2,000 for each day on which
they attend Board and/or Committee meetings, which is paid by the Corporation
and the other Seligman Group investment companies meeting on the same day. The
Directors are also reimbursed for the expenses of attending meetings. Total
Directors' fees paid by the Corporation for the year ended December 31, 1998
were as follows:

<TABLE>
<CAPTION>
Number of Directors Aggregate Direct
in Group Capacity in which Remuneration was Received Remuneration
- ---------------------------------------------------------------------------------
<C> <C> <S>
9 Directors and Members of Committees $36,975
</TABLE>

Directors attendance, retainer and/or committee fees paid to each Director
during 1998 were as follows:

<TABLE>
<CAPTION>
Aggregate Pension or Retirement Total Compensation
Compensation Benefits Accrued as From Corporation and
Name From Corporation Part of Corporation Expenses Fund Complex*
- ------------------ ---------------- ---------------------------- --------------------
<S> <C> <C> <C>
John R. Galvin $ 4,275 -0- $79,000
Alice S. Ilchman 3,825 -0- 73,000
Frank A. McPherson 4,275 -0- 79,000
John E. Merow 4,125+ -0- 77,000
Betsy S. Michel 4,275 -0- 79,000
James C. Pitney 3,975+ -0- 75,000
James Q. Riordan 3,975 -0- 75,000
Robert L. Shafer 3,975 -0- 75,000
James N. Whitson 4,275+ -0- 79,000
-------
$36,975
=======
</TABLE>
- ------------
*There are 17 other investment companies in the Seligman Group.
+ Mr. Merow, who had deferred receiving his fees from the Corporation from
1991 up to 1997, has a balance as of December 31, 1998 of $22,900 in his
deferred plan, including earnings. Mr. Pitney, who had deferred receiving
his fees from the Corporation from 1990 up to 1993, has a balance of
$11,177 in his deferred plan, including earnings. Mr. Whitson has elected
to defer receiving his fees from the Corporation. From 1993 through Decem-
ber 31, 1998, Mr. Whitson has deferred $24,412, including earnings.

No compensation is paid by the Corporation to Directors or officers of the
Corporation who are employees of, or consultants to, the Manager.

The affirmative vote of a plurality of the votes cast at the meeting is re-
quired to approve the election of the proposed Directors.

Your Board of Directors Unanimously Recommends that the Stockholders
Vote FOR the Election of Each of the Nominees to Serve as Director of
the Corporation.

14
<PAGE>

B. Ratification of Selection of Auditors
(Proposal 2)

In accordance with the requirements of the 1940 Act, the Board of Directors
is required to select independent public accountants as auditors of the Corpo-
ration for 1999, subject to ratification or rejection by Stockholders.

The Audit Committee of the Board of Directors has recommended, and the Board
of Directors, including a majority of those members who are not "interested
persons" of the Corporation (as defined in the 1940 Act), has selected,
Deloitte & Touche LLP as auditors of the Corporation for 1999. The firm of
Deloitte & Touche LLP has extensive experience in investment company account-
ing and auditing. It is expected that a representative of Deloitte & Touche
LLP will be present at the Meeting and will have an opportunity to make a
statement and respond to questions.

The affirmative vote of a majority of the votes cast at the Meeting is re-
quired to ratify the selection of auditors.

Your Board of Directors Unanimously Recommends
Ratification of the Selection of Deloitte & Touche LLP
as Auditors of the Corporation.

C. Other Matters; Stockholder Proposals

The Corporation knows of no other matters which are to be brought before the
Meeting. However, if any other matters come before the Meeting, it is intended
that the persons named in the enclosed form of Proxy, or their substitutes,
will vote the Proxy in accordance with their judgment on such matters. The
persons named in the form of Proxy, or their substitutes, will have discre-
tionary authority to vote on any Stockholder proposal of which the Corporation
first received notice after March 6, 1999. In addition, the Corporation's by-
laws permit the Corporation to exclude from consideration at the Meeting any
Stockholder proposal first brought to the attention of the Corporation after
March 22, 1999.

Notice is hereby given that, under the Securities and Exchange Commission's
stockholder proposal rule (Rule 14a-8), any Stockholder proposal which may
properly be included in the proxy solicitation material for the next Annual
Meeting, now scheduled for May 2000, must be received by the Corporation no
later than December 22, 1999. Timely notice of Stockholder proposals submitted
outside of the Rule 14a-8 process must be received by the Corporation no ear-
lier than February 19, 2000 and no later than March 21, 2000 to be eligible
for presentation at the May 2000 Annual Meeting.

15
<PAGE>

D. Expenses

The Corporation will bear the cost of soliciting Proxies. In addition to the
use of the mails, Proxies may be solicited personally or by telephone or via
facsimile by Directors, officers and employees of the Corporation, the Manag-
er, Seligman Advisors, Inc., Seligman Services, Inc. and Seligman Data Corp.,
and the Corporation may reimburse persons holding shares in their names or
names of their nominees for their expenses in sending solicitation material to
their principals. The Corporation has engaged Morrow & Co., Inc., 445 Park Av-
enue, New York, NY 10022 to assist in soliciting for a fee of $2,000, plus ex-
penses.

By order of the Board of Directors,

/s/ Frank J. Nasta

Secretary

------------

It is important that Proxies be returned promptly. All Stockholders, includ-
ing those who expect to attend the Meeting, are urged to date, fill in, sign
and mail the enclosed form of Proxy in the enclosed return envelope which re-
quires no postage if mailed in the United States. A Proxy is not required for
admission to the Meeting.

16
<PAGE>

SELIGMAN
SELECT
MUNICIPAL
FUND, INC.

Notice of Annual Meeting

of Stockholders

and

Proxy Statement

Place: Four Seasons Resort
2800 South Ocean Boulevard
Palm Beach, Florida 33480

Time: May 20, 1999
9:00 A.M.

Please date, fill in and
sign the enclosed form of
Proxy and mail it in the
enclosed return envelope
which requires no postage if
mailed in the United States.

Seligman Select Municipal Fund, Inc.

Managed by

J. & W. SELIGMAN & CO.

INCORPORATED

INVESTMENT MANAGERS AND ADVISORS
ESTABLISHED 1864
100 PARK AVENUE, NEW YORK, NY 10017

<PAGE>
PROXY
COMMON

SELIGMAN SELECT MUNICIPAL FUND, INC.
100 Park Avenue, New York, NY 10017

This proxy is Solicited on Behalf of the Board of Directors

The undersigned, revoking previous proxies, acknowledges receipt
of the Notice of Meeting and Proxy Statement for the Annual
Meeting of Stockholders of SELIGMAN SELECT MUNICIPAL FUND, INC.,
to be held May 20, 1999 and appoints JOHN E. MEROW, WILLIAM C.
MORRIS and BRIAN T. ZINO (and each of them) proxies, with power
of substitution, to attend the Annual Meeting (and adjournments
thereof) and vote all shares the undersigned is entitled to vote
upon the matters indicated on the reverse side and on any other
business that may properly come before the Meeting.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER
DIRECTED BY THE UNDERSIGNED. IF NO INSTRUCTIONS ARE GIVEN, YOUR
PROXIES WILL VOTE FOR THE ELECTION OF THE NOMINEES OF THE BOARD
OF DIRECTORS AND FOR THE RATIFICATION OF THE SELECTION OF
AUDITORS.

(Continued and to be signed on the reverse side)
<PAGE>

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE FOR EACH OF THE
NOMINEES AND FOR PROPOSAL 2:

<TABLE>
<S>
<C> <C> <C>
1. ELECTION OF DIRECTORS
NOMINEES: John E. Merow and James C. Pitney
FOR ALL [ ] WITHHOLD ALL [ ]

To withhold authority to vote for individual nominee(s), write
names(s)below

_____________________________________________________________________

2. Ratification of the selection of Deloitte & Touche LLP as
Auditors.

FOR [ ] AGAINST [ ] ABSTAIN [ ]
</TABLE>

DATED ____________________________________________________,1999

_______________________________________________________________________
Signature

_______________________________________________________________________
Signature (if jointly held)

Please sign exactly as your name(s) appears(s) on this proxy.
Only one signature is required in case of a joint account. When signing in
a representative capacity, please give title.

YOUR VOTE IS IMPORTANT. Please complete, sign and return this
card as soon as possible. Mark each vote with an X in the box.
<PAGE>

PROXY
PREFERRED SERIES A

SELIGMAN SELECT MUNICIPAL FUND, INC.
100 Park Avenue, New York, NY 10017

This proxy is Solicited on Behalf of the Board of Directors

The undersigned, revoking previous proxies, acknowledges receipt
of the Notice of Meeting and Proxy Statement for the Annual
Meeting of Stockholders of SELIGMAN SELECT MUNICIPAL FUND, INC.,
to be held May 20, 1996 and appoints JOHN E. MEROW, WILLIAM C.
MORRIS and BRIAN T. ZINO (and each of them) proxies, with power
of substitution, to attend the Annual Meeting (and djournments
thereof) and vote all shares the undersigned is entitled to vote
upon the matters indicated on the reverse side and on any other
business that may properly come before the Meeting.

(Continued and to be signed on the reverse side)
<PAGE>

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE FOR EACH OF THE
NOMINEES AND FOR PROPOSAL 2:

<TABLE>
<S>
<C> <C> <C>
1. ELECTION OF DIRECTORS
NOMINEES: John E. Merow, Betsy S. Michel, James C. Pitney
and James N.Whitson
FOR ALL [ ] WITHHOLD ALL [ ]

To withhold authority to vote for individual nominee(s), write
name(s)below

_____________________________________________________________________

2. Ratification of the selection of Deloitte & Touche LLP as
Auditors.
FOR [ ] AGAINST [ ] ABSTAIN [ ]
</TABLE>

DATED ____________________________________________________,1999

_______________________________________________________________________
Signature

_______________________________________________________________________
Signature (if jointly held)

Please sign exactly as your name(s) appear(s) on this proxy. Only
one signature is required in case of a joint account. When
signing in a representative capacity, please give title.

YOUR VOTE IS IMPORTANT. Please complete, sign and return this
card as soon as possible. Mark each vote with an X in the box.
<PAGE>

PROXY
PREFERRED SERIES B

SELIGMAN SELECT MUNICIPAL FUND, INC.
100 Park Avenue, New York, NY 10017

This proxy is Solicited on Behalf of the Board of Directors

The undersigned, revoking previous proxies, acknowledges receipt
of the Notice of Meeting and Proxy Statement for the Annual
Meeting of Stockholders of SELIGMAN SELECT MUNICIPAL FUND, INC.,
to be held May 16, 1996 and appoints JOHN E. MEROW, WILLIAM C.
MORRIS and BRIAN T. ZINO (and each of them) proxies, with power
of substitution, to attend the Annual Meeting (and adjournments
thereof) and vote all shares the undersigned is entitled to vote
upon the matters indicated on the reverse side and on any other
business that may properly come before the Meeting.

(Continued and to be signed on the reverse side)
<PAGE>

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE FOR EACH OF THE
NOMINEES AND FOR PROPOSAL 2:

<TABLE>
<S>
<C> <C> <C>
1. ELECTION OF DIRECTORS
NOMINEES: John E. Merow, Betsy S. Michel, James C. Pitney
and James N. Whitson
FOR ALL [ ] WITHHOLD ALL [ ]

To withhold authority to vote for individual nominee(s) write
name(s) below

_____________________________________________________________________

2. Ratification of the selection of Deloitte & Touche LLP as
Auditors.
FOR [ ] AGAINST [ ] ABSTAIN [ ]
</TABLE>

DATED
___________________________________________________________, 1999

_______________________________________________________________________
Signature

_______________________________________________________________________
Signature (if jointly held)

Please sign exactly as your name(s) appear(s) on this proxy. Only
onesignature is required in case of a joint account. When signing in
arepresentative capacity, please give title.

YOUR VOTE IS IMPORTANT. Please complete, sign and return this
card as soon as possible. Mark each vote with an X in the box.