After graduating from Princeton, A. B., in 1908 "Bob" Wallace was business manager of the Paducah "News Democrat" from 1909 to 1911.

In 1912 the Wallaces moved to Memphis due to the urging of a close friend Robert Morris who owned the Memphis Furniture Company. Bob Wallace joined Oscar A. Smith in organizing the insurance firm of Smith & Wallace, which was dissolved by the death of the senior partner in 1920. Mr. Wallace then became vice president of the present large insurance firm of Morrison, Wallace & Company, with J. J. Morrison as the president and Mr. Wallace as the vice president.

Bob Wallace was president of the University Club, Insurance Exchange, and Insurance Club of Memphis where he was general agent of the Aetna Casualty Security Company.

Note: One of the 208 members of the senior class of 1908 and a classmate of Bob was John Foster Dulles; their diplomas were signed by Woodrow Wilson who was the president of Princeton.