EXHIBIT 23(l)

                                Investment Letter



                                INVESTMENT LETTER

                           SELIGMAN CAPITAL FUND, INC.


Seligman Capital Fund, Inc. (the "Fund"), an open-end diversified management
investment company, and the undersigned ("Purchaser"), intending to be legally
bound, hereby agree as follows:

1.   The Fund hereby sells to Purchaser and Purchaser purchases such number of
     Class I shares (the "Shares") of Capital Stock (par value $1.00) of the
     Fund corresponding to a $1,000.00 investment, at a price per share
     equivalent to the net asset value of one Class A share of the Fund as of
     the close of business on November 30, 2001 (the "Purchase Date"). The Fund
     hereby acknowledges receipt from Purchaser of funds in the amount of
     $1,000.00 in full payment for the Shares.

2.   Purchaser represents and warrants to the Fund that the Shares are being
     acquired for investment and not with a view to distribution thereof, and
     that Purchaser has no present intention to redeem or dispose of the Shares.


IN WITNESS WHEREOF, the parties have executed this agreement as of the Purchase
Date.


                                           SELIGMAN CAPITAL FUND, INC.


                                           By: /s/ Lawrence P. Vogel
                                              -----------------------------
                                           Name:   Lawrence P. Vogel
                                           Title:  Vice President


                                           SELIGMAN ADVISORS, INC.


                                           By: /s/ Stephen J. Hodgdon
                                              -----------------------------
                                           Name:   Stephen J. Hodgdon
                                           Title:  President