As a historian turned publisher, Earle W. Newton likes to be told he can't do something. Two years ago, he sounded out other publishers on his idea for a magazine to rescue U.S. history from classroom dullness, dramatize it in an illustrated quarterly with at least 16 pages of color. The experts warned him that he couldn't possibly start such a magazine with less than $100,000. Anyway, it would have too limited a market to pay off. Newton raised $2,000 from fellow historians, and went ahead.
Last week 34-year-old Publisher Newton not only had...
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