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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 F0r+G1E/ZwekHCYW+vMihY01jknasm/iau+DWGFrQqTTHLRZC9h25Wa3qT1m+n2j
 TO4jdU5Xn/botBxhNA7LYQ==

<SEC-DOCUMENT>0000715072-04-000013.txt : 20040105
<SEC-HEADER>0000715072-04-000013.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105143621
ACCESSION NUMBER:		0000715072-04-000013
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040101
FILED AS OF DATE:		20040105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JOHNSON STUART
		CENTRAL INDEX KEY:			0001192024

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13253
		FILM NUMBER:		04503916

	BUSINESS ADDRESS:	
		STREET 1:		C/O PEOPLES BANK & TRUST CO
		STREET 2:		209 TROY STREET
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38802-0709
		BUSINESS PHONE:		6626801472

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEOPLES HOLDING CO
		CENTRAL INDEX KEY:			0000715072
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				640676974
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		209 TROY ST
		STREET 2:		P O BOX 709
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38802
		BUSINESS PHONE:		6016801001

	MAIL ADDRESS:	
		STREET 1:		209 TROY ST
		STREET 2:		P O BOX 709
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38802
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>johnsonform4skopt_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2004-01-01</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000715072</issuerCik>
        <issuerName>PEOPLES HOLDING CO</issuerName>
        <issuerTradingSymbol>PHC</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001192024</rptOwnerCik>
            <rptOwnerName>JOHNSON STUART</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PEOPLES BANK &amp; TRUST CO</rptOwnerStreet1>
            <rptOwnerStreet2>209 TROY STREET</rptOwnerStreet2>
            <rptOwnerCity>TUPELO</rptOwnerCity>
            <rptOwnerState>MS</rptOwnerState>
            <rptOwnerZipCode>38802-0709</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Exec. Vice President and CFO</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (Right to Buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>33.35</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2004-01-01</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5250</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>33.35</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F2"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F2"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>5250</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>15750</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The securities owned post transaction have been adjusted to reflect the 3:2 stock split 12-01-03.</footnote>

      <footnote id="F2"> Equal installments of 33 1/3 of the option shares granted will become exercisable on the completion of one, two, and three years of service measured from the grant date, respectively.  The options expire ten (10) years from the grant date.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Stuart Johnson</signatureName>
      <signatureDate>2004-01-05</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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