Since there is a lot of Mormon Folklore out there, I like this one since it has a photo to prove it:
Per Deseret News:
After President Hinckley finished with the sustaining of the officers of the church during the Saturday morning session, Elder Eyring had moved into his new seat on the stand. Unfortunately, they didn't show this on TV, but when President Hinckley turned around, he stood there for a moment looking at Elder Eyring (probably with the little twinkle in his eye), then picked up his cane and "knighted" him on his shoulder and head. Truly one of the funniest things I've ever seen him do.