-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 IjaEVlXxy1JaHgbp5VAjOxxehQdCeJMPJbFqpzxyZYOVi6SkM39+hw8hJleGckgU
 6Hg1AcTtNYeKYBQB2sttbQ==

<SEC-DOCUMENT>0000715072-05-000025.txt : 20050104
<SEC-HEADER>0000715072-05-000025.hdr.sgml : 20050104
<ACCEPTANCE-DATETIME>20050104203648
ACCESSION NUMBER:		0000715072-05-000025
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050104
DATE AS OF CHANGE:		20050104

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			YOUNG LARRY
		CENTRAL INDEX KEY:			0001191985

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13253
		FILM NUMBER:		05510171

	MAIL ADDRESS:	
		STREET 1:		604 LONGVIEW ROAD
		CITY:			PONTOTOC
		STATE:			MS
		ZIP:			38863

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>youngform4010405_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000715072</issuerCik>
        <issuerName>PEOPLES HOLDING CO</issuerName>
        <issuerTradingSymbol>PHC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001191985</rptOwnerCik>
            <rptOwnerName>YOUNG LARRY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>604 LONGVIEW ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PONTOTOC</rptOwnerCity>
            <rptOwnerState>MS</rptOwnerState>
            <rptOwnerZipCode>38863</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>33.81</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>98.72</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>33.81</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>98.72</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>824.65</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 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>J. Larry Young</signatureName>
        <signatureDate>2005-01-04</signatureDate>
    </ownerSignature>
</ownershipDocument>

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