He had nine siblings—John D., George, Francis S., Alexander H., Charles L., Frank S., Lavinia M., Matilda H. and Mary A. Albert Joseph was educated at Victoria University, Toronto.

[1][2][3] Wallace was a University of Southern California regent in 1887 and received an honorary doctor of laws degree from that school in 1912.

[2] In 1907 Wallace was elected one of the four vice presidents of the International YMCA convention in Washington, D.C.[4] His first wife was Serena Healy, who died in childbirth on June 19, 1882.

[2][6] Wallace died at the age of 86 on February 23, 1939, in his home, 631 North McCadden Place in Hancock Park, Los Angeles.

[1] When he lived in Pasadena he and his brother, Frank S. Wallace, were "identified with the early real estate development of the city."

[2] On December 4, 1906, he was elected from the 5th Ward as a Republican and nonpartisan to a three-year term on the Los Angeles City Council by a vote of 2,453 for Wallace against 629 for Naelle, his Democratic opponent.