A Look Back: Aug. 13    1920: England's Ted Ray wins the U.S. Open by one stroke over Jack Burke Sr., Leo Diegel, Jock Hutchinson and Harry Vardon at Inverness Club in Toledo, Ohio.    1972: Jack Nicklaus continues to have a banner season, winning the Westchester Classic by three strokes over Jim Colbert. The win is his fifth of the year.    1989: Payne Stewart shoots a final-round 67 to win his first PGA Championship. Stewart wins by a stroke over third-round leader Mike Reid, who closed with a 74, Andy Bean and Curtis Strange at Kemper Lakes Golf Club in Hawthorn Woods, Ill.    1995: Australian Steve Elkington and Scotland's Colin Montgomerie shoot a PGA Championship record 17-under 267 to force a playoff at Riviera Country Club in Pacific Palisades, Calif. Elkington wins with a birdie on the first playoff hole.    1995: Beth Daniel shoots a 17-under-par 271 and wins the Welch's Championship by one stroke over Meg Mallon and Colleen Walker.

Courses
Oak Ridge Country Club, located in Hopkins, Minn., has completed its course-wide project in which all 57 bunkers were renovated.
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Legal
Royal Canadian Golf Association and Callaway Golf Company announce they have mutually agreed to resolve their past differences and dismiss a lawsuit filed in the Central District of California in May of 2000.
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Travel
Intergolf announces Scotland self-drive programs that include guaranteed golf at Turnberry and the Old Course St. Andrews. The seven-day, six-night vacations start at $1,699 per person.
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Tournaments
Starting next year, the new Volvo Masters of Asia tournament will be the final event of the Davidoff Tour. It will first be played in Malaysia in December 2002, and the winner will gain an exemption to play in the World Golf Championship NEC Invitational in 2003.
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Equipment
Data provided by the Darrell Survey shows Softspikes products were worn by a majority of players at the Buick Open. The company's Black Widow cleats adorned 51.3 percent of the pros.
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Business
Golf Trust of America gives its shareholders $0.25 per share. The distribution will be paid on Sept. 7, 2001.
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Also, Golf Trust of America states that a previous press release should have said they are selling 6.5 courses and still own 26.
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Market Watch
Highs and Lows

The economy has been bad for just about every industry group and golf is no exception. Most golf manufacturers are cutting back in advertising and saving that money to shore up the bottom line or for research and development.

How is the sputtering economy and these golf companies' efforts to save money affecting stock prices? We decided it would be interesting to see how far golf stocks have fallen from their high over a 52-week period. The results may surprise you.

Company	Fri. Close	52-week High	52-week Low	Off High
Adams Golf	0.72	1.90	0.25	1.18
Aldila	1.80	2.75	1.12	0.95
Ashworth	6.61	9.37	5.18	2.76
Cutter & Buck	5.56	15.93	4.77	10.37
Deere & Co.	42.51	47.12	30.68	4.61
EB2B Commerce	0.19	5.00	0.13	4.81
Edge Technology	2.07	4.50	0.25	2.43
Callaway Golf	15.70	27.18	12.81	11.48
Eco Soil Systems	0.13	1.75	0.09	1.62
Fortune Brands	37.30	38.49	23.81	1.19
Golf Gear Intl	0.15	0.54	0.13	0.39
McHenry Metals	0.03	0.27	0.01	0.24
Women's Golf	1.98	2.62	0.75	0.64
Golf Trust of America	8.25	15.75	6.37	7.50
Ingersoll-Rand	42.30	50.28	29.50	7.98
LESCO	11.00	18.37	10.56	7.37
NIKE	49.44	60.06	34.93	10.62
Coastcast	5.80	18.43	5.60	12.63
Royal Precision	2.48	3.50	0.80	1.02
Polo/R Lauren	24.50	31.34	15.87	6.84
Sport-Haley	3.22	4.87	2.56	1.65
Natl Golf Properties	24.80	27.70	19.06	2.90
Toro Co.	48.90	48.99	28.12	0.09
Textron Inc.	55.07	60.50	40.68	5.43