Incumbent Republican Treasurer George E. Abbott was barred from seeking re-election. Accordingly, former State Treasurer Henry G. Hay was nominated by the Republican Party following a contentious selection at the state party convention. The Democratic convention nominated Colin Hunter, a former member of the territorial council and the former chairman of the territorial board of penitentiary commissioners. Hay ultimately defeated Hunter by a wide margin, enabling him to win his second non-consecutive term as State Treasurer. However, Hay would resign less than a year into his term, causing a special election to be held in 1904.
