 He succeeded in closing up the affairs of the bank in a brief time, the depositors receiving 96 per cent upon their accounts, when only 33 1–3 per cent was expected, and the achievement at once gave him high standing in financial circles.Stephens thereafter was paymaster-general on the staff of Governor David R. Francis.His success with the Fifth National Bank contributed materially to his appointment, in March, 1890, by Governor Francis, to the position of State treasurer, to fill the unexpired term of Edward T. Noland.