Wallace began his career with the Central Pacific Railroad and was present at the laying of the Golden Spike at Promontory Point, Utah on May 10, 1869.
His father was a basic farmer of Quaker ancestry and his mother a housewife and descendant Thomas Stafford, an early settler of Warwick, Rhode Island and the first man to build a grist mill in the new world.
The death of his father is unknown, but by the 1850 Census he is living as a student with his maternal aunts step-son, Henry Cole, in Westport.
The article in the Tribune is as follows: Wallace retired in 1909 and celebrated a number of marriages, anniversaries and births of his large family who stayed close to him.
The Oakland Tribune published a short article and photograph announcing his death on the front page of the business section, entitled "Pioneer Passes, Was Engineer".