Stephens was born on December 20, 1889, in Kirksville, Missouri, to Mortimer Stephens and Ella (née Deaton) Stephens.[1] He lived on a farm there until 1900, when he and his family moved to Maplewood.[2] After receiving his education at public schools, he worked as a bank clerk. From 1915 to 1917, he was clerk for St. Louis County. He then was chief clerk for State Auditor of Missouri George E. Hackmann in 1917; and Secretary of State of Missouri Charles U. Becker in 1921.[3][4] He later sued Becker in 1928 for $125,000, after Becker approached the St. Louis Globe-Democrat, seeking to have an article saying Stephens' administration as treasurer was unable to account for $500,000 of gasoline tax.[5]
A Republican, Stephens was elected State Treasurer of Missouri on November 4, 1924. He served from 1925 to December 1928[6] and was paid $3,000 per year.[3] Elected at age 34, he was the youngest person elected State Treasurer.[7] Stephens unsuccessfully ran for State Secretary in 1928.[5][8] In 1930, he was investigated, as Henry S. Caulfield alleged that funds had gone unaccounted for during his tenure as Treasurer.[9][10]
After serving, Stephens involved himself with the gas industry of the Kansas City metropolitan area; he previously engaged in the industry at a state level, employing a gas tax clerk while Treasurer.[3] On January 13, 1931, he crashed his car into a ditch on U.S. Route 66, near Waynesville, breaking his leg leg and three ribs, as well as injuring his scalp.[8][11]
On December 29, 1911 or 1912, Stephens married Mary Ann Wilson, with whom he had two children. He was Baptist. He died on June 25, 1970, aged 80,[1][3][12] in Jefferson City. He is buried in Ironton.[7][13]