Opening with James Weldon Johnson’s discourse on artistic greatness, I discuss William Dean Howells’s assessment of Paul Laurence Dunbar and Charles W. Chesnutt through the lens of the convertibility of literary capital, developed with Pierre Bourdieu. From within the racial taxonomy and with white middle-class readers as implied addressees, Howells conceives of both writers as participating in a literary market, a field structured by the tenets of realism. Howells endows Dunbar with universal literary capital and creates a regional affiliation that breaches the color line, before he singles out his poems written in vernacular notation as lasting contributions and asserts the valence of such notation as general poetic practice. On Chesnutt he bestows literary capital by marking and converting two innovations: the genre of the short story and the representation of a world in-between the racial divide. In turn, the convertibility of that world is secured by a comparison of social class habits.