Born in Owensboro, Kentucky, Wallace started his baseball career in 1903, playing for the Paducah Nationals of Paducah, Kentucky where he stayed until the end of the 1905 season.

In 1906 and 1907, Wallace played for the Cuban Giants of New York City.

[3] At the end of the 1909 year, he joined the Leland Giants at second base where he also made two hits against Chicago Cubs pitcher Ray Brown.

[8] Sportswriter and fellow player Jimmy Smith put Wallace on his 1909 "All American Team.

Wallace continued to manage the St. Louis Giants until the end of the 1921 season.