Wallace died at the age of 86 on February 23, 1939, in his home, 631 North McCadden Place in Hancock Park, Los Angeles. His survivors were identified in his "Los Angeles Times" obituary as his widow, Mrs. Grace H. Wallace; two sons, Kenneth C. Wallace of Los Angeles and Donald H. Wallace of Long Beach; two daughters, Mrs. Helen Davis of Brooklyn, New York, and Mrs. Katherine Shannon of Bedford, Pennsylvania, and a sister, Mrs. S.F. Johnson of Pasadena. A funeral service was conducted at the First Hollywood Methodist Church, with interment at with interment at Rosedale Cemetery.