[J. Reuben Clark]
In the discussion Dr. [William F.] Edwards and Brother Virgil Smith had had with President McKay and myself beforehand, the statement was made that putting President Joseph Fielding Smith on the Loan Committee [of Utah Home Fire Insurance Company] along with Virgil Smith and Eugene Watkins was done so that he could be paid a compensation and that seemed to be the only way that could be accomplished.
When the matter came up at the Stockholders meeting of the Beneficial Life in connection with the reorganization, Dr. Edwards sat next to me and recalling what he had said earlier, I leaned over and said to him, "Don't forget that Joseph Fielding Smith may be the next President of the Church." I left it there. ...
[Source: The Diaries of J. Reuben Clark, 1933-1961, Abridged, Digital Edition, Salt Lake City, Utah 2015]