In 1865, Mr. Wallace entered into the business of manufacturing paper with three other gentlemen, under the name of the Fitchburg Paper Company. One by one these gentlemen sold their respective interests to Mr. Wallace, and in 1868 he became sole owner of the entire property. From that time until the present day he has carried on the business under the old firm name of the Fitchburg Paper Company. He has, since he became sole owner, made large additions of land to the property, rebuilt the original mill and filled it with the most improved machinery, erected a new mill with the latest improvements of every kind, and built additional store-houses, etc., until he has increased the producing capacity from two thousand five hundred pounds per day, to sixteen thousand pounds of hanging, card, and glazing paper per day of twenty-four hours. The mills, the ample store-houses, the out-buildings and dwelling-houses make up a little village, wanting nothing but distance from the city to claim a name of its own. For the direction of several monetary and corporate interests his services have been frequently sought. He has been president and director of the Fitchburg Gas-Light Company since 1864; a director of the Fitchburg National Bank since 1866; partner in the Fitchburg Woolen Mill Company, with the Hon. Wm. H. Vose and Hon. Rufus S. Frost, since 1867; a director of the Putnam Machine Company since 1864; and has just been chosen director of the Parkhill Manufacturing Company, recently organized for the manufacture of ginghams. For several years he has been a trustee of the Fitchburg Savings Bank, a director of the Fitchburg Mutual Fire Insurance Company, president of the Fitchburg Board of Trade (four years), a director of the Fitchburg Railroad Company, and a trustee of Smith College, Northampton, Mass. Though thoroughly patriotic and keenly alive to the importance of current issues, the magnitude of the private and corporate interests committed to his care would not permit the alienation of close personal attention from them to political matters, and whatever offices he has held have sought him, instead of his seeking them. He was a selectman in the years 1864, 1865, and 1867, and a representative to the general court in 1874, but declined a re-election the following year, on account of ill health. He was a member of the governor's council in 1880 and 1881, and has just been re-elected to serve in the same position the present year.