UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                    Washington, D. C.  20543

                            FORM 8-K

                         Current Report
               Pursuant to Section 13 or 15 (d) of
               The Securities Exchange Act of 1934

                  Date of Report June 20, 1994

                   THE PEOPLES HOLDING COMPANY
- -------------------------------------------------------------------
     (Exact name of registrant as specified in it's charter)

          Mississippi         0-12154        64-0676974
          -----------         -------        ----------

          (State or           (Commission    (I.R.S. Iden-
           other               file           tification
           jurisdiction)       number)        number)

          209 Troy Street, Tupelo, Mississippi         38802-0709
          ------------------------------------         ----------
       (Address of principal executive officers)        (Zip Code)

Registrant's Telephone Number:  (601) 680-1001

ITEM 1:   CHANGES IN CONTROL OF REGISTRANT
          --------------------------------

          Not applicable.

ITEM 2:   ACQUISITION OR DISPOSITION OF ASSETS
          ------------------------------------

          Not applicable.

ITEM 3:   BANKRUPTCY OR RECEIVERSHIP
          --------------------------

          Not applicable.

ITEM 4:   CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTS
          -------------------------------------------

          Not applicable.

ITEM 5:   OTHER EVENTS
          ------------

          The Board of Directors of The Peoples Holding Company, at
          the June board meeting, voted to pay a 4% stock dividend
          to shareholders of record June 30, 1994, to be paid on
          July 15, 1994.

ITEM 6:   RESIGNATION OF REGISTRANT'S DIRECTORS
          -------------------------------------

          Not applicable.

ITEM 7:   FINANCIAL STATEMENTS PRO FORMA FINANCIAL INFORMATION AND
          EXHIBITS
          ---------------------------------------------------------

          Not applicable.

                            SIGNATURE

Pursuant to the requirements of The Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
it's behalf by the undersigned thereunto duly authorized.

                                   THE PEOPLES HOLDING COMPANY

                                   ___________________________
                                   John W. Smith
                                   President & CEO

DATE:  April 25, 1994