Alex B. Stephenson

In 1968, Stephenson announced that he would run for State Treasurer. Transitioning from the Highway Patrol to the Treasurer's office was not uncommon. In the preceding decades, Charles L. Sheridan and Tip O'Neal, both former Highway Patrol Supervisors, had run for State Treasurer, and Sheridan had been elected.^[4] He argued that his experience as Supervisor qualified him for Treasurer, noting that the position was one of "trust and compliance with the laws of the state."^[5] Stephenson faced Yellowstone County Treasurer Opal Eggert in the Republican primary. Polling showed Stephenson winning the primary by a wide margin,^[6] and he ended up defeating Eggert by a wide margin, winning ^[7] Connors defeated Eggert by a wide margin, however, winning 65% of the vote to Eggert's 35%.^[8]

In the general election, Stephenson was opposed by former Lieutenant Governor Paul C. Cannon, the Democratic nominee. At the beginning of the campaign, Stephenson staked out a significant lead against Cannon, with an August 1968 poll showing him up over Cannon, 63-32%, and every other statewide Republican candidate leading.^[9] By October, however, the race had tightened considerably; the same poll showed other statewide Democrats leading their races and Stephenson's lead had been cut down to just 51-44%.^[10] Both candidates were widely known,^[11] with the Kalispell Daily Inter Lake criticizing Cannon as "too familiar" in the political arena given his long history of quixotic campaigns.^[12] Ultimately, Stephenson defeated Cannon by a slim margin, receiving 53% of the vote to Cannon's 47%,^[13] as Republican Richard Nixon won the state by a wide margin in the presidential election and as Democrat Forrest H. Anderson won the gubernatorial election by a wider margin.

Stephenson was unable to seek re-election in 1972 because of the constitutional one-term limit on state treasurers, and opted to challenge incumbent Public Service Commissioner Lou Boedecker for re-election. He campaigned on his support for protecting "consumers from unnecessary charges."^[14] Despite Stephenson's position, however, he was outmaneuvered by Boedecker during the campaign; when the Public Service Commission's Republican members voted for a rate increase, Boedecker was the only dissenting vote.^[15] Boedecker's vote earned him the endorsement of The Missoulian, which noted that he "has the votes to back up" his claim that he was a consumer advocate, while Stephenson "doesn't say how" he would protect consumers.^[16] In the end, Stephenson lost to Boedecker by a wide margin, winning just 45% of the vote to Boedecker's 55%, as Republicans throughout the state did poorly.^[17]