Did Emma Smith hold the priesthood?…

Apparently, yes.

Not only that, but the highest possible order of the priesthood. On 28 September 1843, Joseph Smith recorded in his journal…

“By the common consent and unanimous voice of the Council, Baurak Ale [Joseph Smith, Jr.] <I> was chosen President of the Quorum, and anointed and ordained to the highe[s]t and holiest order of the Priesthood. (with his companion [Emma]).”

This entry appears in the Manuscript History, Book E-1, 1838, but the words “and anointed…companion” were removed and not published in the History of the Church 6:39. It reads, “By the common consent and unanimous voice of the council, I [Joseph Smith, Jr.] was chosen president of the special council.”

Could it be that Joseph Smith was willing to shock both Masons and Mormons by initiating women into the secret Endowment ceremony – sometimes before their husbands? William Clayton recorded…

“Females were not received when we first received the Holy order—Men apostatized, being led by their wives—if any such cases occur again—no more women will be admitted.”

Wm. Clayton, Diary kept for H.C. Kimball (Salt Lake City, UT: The Church of Jesus Christ of Latter-day Saints, 21 December 1843 entry).

Are women being denied the priesthood now to keep their husbands from apostatizing?

Our Mother, which art in Heaven: From Bryant S. Hinckley, Sermons and Missionary Services of Melvin J. Ballard, page 205…

“I think the revelations which Jesus Christ gave through the Prophet Joseph Smith concerning motherhood are the greatest contribution the world has ever received on this subject; for it was, so far as I know, never taught before in the history of the world that not only have we a Father in heaven, but we have a Mother there also. No matter to what heights God has attained or may attain, he does not stand alone; for side by side with him, in all her glory, a glory like unto his, stands a companion, the Mother of his children. For as we have a Father in heaven, so also we have a Mother there, a glorified, exalted, ennobled Mother. That is a startling doctrine, I recognize, to some folk, and yet we ought to be governed by reason in giving consideration to this doctrine which is a revelation from God.”

Dan Vogel, Facebook Post – 19 August 2015.