Everett Cook –a name which brings great pride and joy to each member of the Exchange and many of Memphis’ historians. Cook, 1931-32 president of the Exchange, changed the face cotton during the depression. An era when most thought all was lost; business men were bankrupted, millionaires became paupers and no one was more “broke” than the southern farmer, the backbone of the American industry. Cook looked around to find the spirit and hope of an industry, a culture, begin to die as well. He decided to make it his prerogative to change the views of the south’s provirus state from despair of being a poor farmer to a prideful expression to be proud to be a “Cotton Man.” He, with full support of the Exchange, and many others in Memphis founded the Memphis Cotton Carnival and as well as many other campaign programs, all advertising “Cotton is King” and anyone who participated in its production and sale were part of “the King’s” royalty.

In 1930 the Memphis Cotton Carnival Association was born and in 1931 Memphis saw its first Cotton Carnival. Labeled "The South's Greatest Party," the carnival, in its heyday was compared to New Orleans' own Mardi Gras. In the mid 70's the MCCA was disbanded and a new organization took over the events of the carnival. With the new organization came a new name and a more wider meaning - Carnival Memphis.