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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,
 GyZBM0XXqkeTDlGaQfaV1YxLmpOtNDSeE+wX0ZQf89BHsB1jU7kidL2NqK+HdAYH
 GaK5VdODkcbhe7UsJL5nlw==

<SEC-DOCUMENT>0000715072-03-000129.txt : 20031002
<SEC-HEADER>0000715072-03-000129.hdr.sgml : 20031002
<ACCEPTANCE-DATETIME>20031002155248
ACCESSION NUMBER:		0000715072-03-000129
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030930
FILED AS OF DATE:		20031002

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GIFFORD EUGENE B
		CENTRAL INDEX KEY:			0001192034

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13253
		FILM NUMBER:		03924345

	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>giffordform4dsu0930_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>2003-09-30</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000715072</issuerCik>
        <issuerName>PEOPLES HOLDING CO</issuerName>
        <issuerTradingSymbol>PHC</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001192034</rptOwnerCik>
            <rptOwnerName>GIFFORD EUGENE B</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>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Phantom Stock</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>48.15</value>
            <footnoteId id="F3"/>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-09-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>71.65</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>48.15</value>
            <footnoteId id="F2"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F1"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F1"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>71.65</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>348.19</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The stock units are to be settled 100% in common stock upon the reporting person's normal retirement or upon approved request for hardship reasons.</footnote>

      <footnote id="F2"> The phantom stock units were accrued under the PHC deferred compensation plan.</footnote>

      <footnote id="F3"> The conversion or exercise price is one for one.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Eugene B. Gifford, Jr.</signatureName>
      <signatureDate>2003-10-02</signatureDate>
   </ownerSignature>
</ownershipDocument>

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