In 1893 the United States Congress funded a $200,000 prize for submarine construction, and Frost lent John Philip Holland the funds he needed to participate in this prize contest. Once the contest had concluded, Frost and Holland were awarded the prize money in 1895. Frost became secretary-treasurer and later president of Holland's firm, which was first named the John P. Holland Torpedo Boat Company and later the Holland Torpedo Boat Company, which would go on to build the first submarine used by the US Navy.[3] When Isaac Rice formed the Electric Boat Company (the predecessor of General Dynamics) to build Holland's submarine designs, Frost became the company's vice-president, secretary, and chief financial officer.
Prominently reported in the newspapers of the time, Frost married and divorced twice.[4][5][6][7][8][9]
When he died of paresis in Beach Bluff, Massachusetts,[2] he left his estate to a female friend (later determined to be his fiancée), cutting off his relatives.[10][11]