My daughter taught school there for several years and the locals call it 'Franga'
Interesting theory you have there itellya and it sounds plausible to me.
Don't forget parts of the film On The Beach starring Ave Gardner, Gregory Peck and Fred Astaire were filmed at Frankston Railway Station. The author of On The Beach lived there Nevil Shute lived in the Frankston area..

The earliest reference I can find is this land sale at Frankston 19 May 1854

The Frankston Standard of 5-10-1949 was a 60th anniversary special consisting of the paper consisting of 56 pages. On pages 13 and 16 was a summary of a history of Frankston written in 1929 by Donald Charlesworth of Frankston High School. Donald supported the theory of the town being named after Frank Stone.
As the history is so fascinating, I have changed the title of the journal to include EARLY HISTORY and you might like to detail other articles you find.Donald's history came from old people who had been part of Frankston's early days and has solved two mysteries for me.
1. How did current local cricket star, Henry Dolphin, get his exotic surname?
2. How did Henry Prosser's daughter (Isaac Sawyer's widow) come to marry Amise Renouf?

My apologies re the first sentence. The first "consisting" should not be there.

I just discovered some private messages that steve74 had sent me and somehow had finished up in spam. They detail three articles about Frankston's name and early history. All come from the Frankston and Somerville Standard.

26-11-1926.Janet Keen was aware that Mr Wells was the author of the "fix this text" letter. She stated that when she was at school a member of the Board of Advice* had stated that the town was named after lawyer Frank Stephens (whose claim was dismissed by Wells)but she believed that Charles Franks was the source of the name.
* A Board of Advice was like a school committee but had responsibility for a whole district rather than just one school. The failure to realise that distinction has led one local historian to refer to John Cain ( later of Rye requesting improvements at the Dromana school; Cain was of course at "Tyrone", Rye, but a member of the Board of Advice for the whole district!

29-10-1926. A family gathering had been held to celebrate the diamond wedding of Mr Fix this text and Mrs Charles Wells. (Obviously Janet was not the only one aware of the author's identity.) Much detail of the Wells family and Frankston's history is given in the article. The journalist summarised what had been said, and as anybody who has been interviewed would know, journalists often mix their facts, resulting in mistakes. Canvas Town was at Emerald Hill (South Melbourne), not Sandridge (Port Melbourne.)SEE SULLIVAN'S EARLY MELBOURNE. Petrie's Paddock is mentioned; Donald Charlesworth stated that Petrie had built the first Bay View hotel, operated it and then sold to Dolphin. This article mentioned Charles Wells' time at Dromana carting timber from Arthur's Seat.

5-11-1926. "Ancient History" states that he had his old school atlas and it showed the town with the spelling given as Frankstone, which tended to confirm Mr Wells' belief.

These are extracts from emails from Glenda Viner of the Frankston Historical Society in December 2011.
I'm glad you found some history on Mark Young...yes he did reside in the Carrum Swamp until his wife became ill and he was a Councillor in Dandenong.plus lots more!

I hope that sometime in the future that someone will find some interesting document about the naming of Frankston, and we can all shy in relief.
The Wedge Brothers were granted a pre-emptive right in Frankston on Pub corner. There was a dispute between them and James Davey who built a wattle and daub hut on what was said to have been Wedge land. They also had land at Seaford and Carrum Downs/Carrum.

Wedge Street named after the brothers ran from the round-a-bout in Playne Street up to what is now Council Buildings. Council changed the name to Young Street without any consultation.with locals.

No the Liardets did not have any pre-emptive right on Homestead ground, Frank just squatted and tried to grow wheat in 1843.that is stated on the maps in the Public Records.

Thanks Steve. What a well-written history! I reckon Henry's story should be a journal, rather than just a comment, because the surname list will then direct descendants of the families mentioned to the facinating information about their pioneering ancestors. I hope there's a lot more to come.
Just one point. It seemed as if Pope's and the Bayview were two different hotels but both were said to have become The Grand. Perhaps the name of the hotel (on the licence) was changed from Pope's to The Bayview. Liardet's hotel at Sandridge was called the Pier Hotel. Does Henry mention the Frankston Murder?

I want to query a name you have there itellya. Samuel Packman? I have him in licenses as PACKHAM

You're right of course. I rechecked the article (which was on page 6)and have amended the journal and surname list. Thanks. In defence of my boo boo, I can only plead a combination of illegible notes and refusal to follow Neil Mansfield's advice of last night at 10:46 p.m.- You amaze me - go to bed!

I've seen the Hastings case on trove; a good read. It's a pity they gave the Shannon-Moriarty case the same name; Tubbarubba would have been more appropriate.

FOOTY PHOTO AND INFORMATION ADDED.

One of your Frankston SADLIERs could be John Cyril Crofton SADLIER born in East Melboutne in 1865 married Mary Elizabeth Renouf at Frankston in 1899 I believe he managed the Colonial Bank in Frankston.

This is part of Donald Charlwood's HISTORY OF FRANKSTON copied from comment 5 under my journal EARLY LANDOWNERS IN THE PARISHES OF MOOROODUC AND FRANKSTON. Donald favoured the FRANK STONE theory re Frankston's name and supplied convincing evidence.

EARLY PIONEERS. At about this time Mr. John Helder Wedge came from Mt. Cotteril, near Werribee, and settled in Frankston, where he kept sheep. Mr James Davey's first cottage, previously mentioned, he sold to Mr Frank Stevens, a well-known Melbourne solicitor, who came to Frankston in the 'fifties. It is the belief of some that Frankston was named after him, but it probably was named before his time. Mr. Stephens built "Jamalo," which he sold to his son-in-law, Dr. (afterwards Sir) John Madden. Others believe it to be named after Mr. Frank Liardet, but his descendants say it was named after Mr. Charles Franks, who kept an adjacent run to Mr. John Wedge at Mt. Cotteril and was killed by the blacks and buried in the old cemetery, where the Flagstaff gardens now stand. The name may have been suggested by John Wedge in memory of him. But what seems the right theory to the naming of Frankston is that it was named after Frank Stone. One of the very earliest buildings in Frankston was a small public house-some say it was owned by a man named Ewart who sold it to another man named Standring and that he sold it to a Mr. Stone. At this hotel Mr Stone's son was born and named Frank. The hotel then went by the name of Kananook, now changed its name to "Frank Stone's" after Stone's son and gradually the township grew up around it and took the name it now holds from the hotel in about 1851. Later the hotel was enlarged with two rooms from a Jersey Island guest house, which was brought out in two shipments in about 1862. Mr Amis Renouf, Mr. Frederick Renouf's father, travelled to Australia from Jersey Island on the boat which carried the second shipment of the old "Bay View." and he was greatly astonished on coming to Frankston to see the old Jersey Island guest house standing in the main street.

An extensive history of the McComb family has today (27-10-2014) been posted in my new journal: McCOMBE ST, ROSEBUD DISRESPECTS PIONEERS OF FRANKSTON, VIC., AUST.