Endless possibilities, but I’m thinking along the lines of ……..
Ernest born as WHITE, but raised by somebody KING or CANNON.
Used as a third name Francis, after his father’s surname FRANCIS.
Used his mother’s name Hope as a surname HOPE when it suited or an alias was needed.
He would have learnt his acrobatic skills from whoever raised him, maybe not a blood relative. I doubt he saw much of his father.
I would take a look at his mother’s siblings ( the family from Ireland) to see if any of them were vaudeville entertainers or married a King or a Cannon.