John P. Stedman

No Treasurer ever faced grimmer circumstances than did John Porterfield Stedman, who though serving only 11 months, was known primarily as a "caretaker" of the office. During his brief tenure, Stedman faced one of the State's most challenging crises.

The really bad times of the Great Depression were drawing nigh in 1932. Banks were failing, real estate values were falling and revenue for both the State and numerous local governments was declining to the point that many public entities were in default of their financial obligations. At the time of his appointment as Treasurer, Stedman was 37 years old and one of the youngest men ever to hold the position.

Following his brief term as Treasurer-he did not seek election to a full term-he worked for a number of banks and in 1939 became president of the Scottish Bank in Lumberton, a position he held for several years. He was president of the North Carolina Bankers Association from 1953 to 1954. Stedman was appointed by Governor Luther Hodges to the State Banking Commission in 1957 and served until 1963. He died in 1973 at age 80. 1

1 Jerry L. Cross, "Biographical Sketches of Seven State Treasurers" (Raleigh: North Carolina Department of Cultural Resources, 1994), 2.

Back