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]