-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JSVnztZ+NURaDepaz0BNqCC9H07w462PHOQKsb+WFiY4dGL2wWJKSqI1ZseR3ueH
 H3JoYkvfk/oxj5u68svXzA==

<SEC-DOCUMENT>0001209191-04-036914.txt : 20040723
<SEC-HEADER>0001209191-04-036914.hdr.sgml : 20040723
<ACCEPTANCE-DATETIME>20040722140519
ACCESSION NUMBER:		0001209191-04-036914
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040721
FILED AS OF DATE:		20040722

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PACIFIC AMERICAN INCOME SHARES INC
		CENTRAL INDEX KEY:			0000075398
		IRS NUMBER:				952808650
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		111 SOUTH CALVERT STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4105390000X2744

	MAIL ADDRESS:	
		STREET 1:		111 SOUTH CALVERT STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DEFRANTZ ANITA L
		CENTRAL INDEX KEY:			0001251525

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02351
		FILM NUMBER:		04926161

	BUSINESS ADDRESS:	
		STREET 1:		C/O WESTERN ASSET
		STREET 2:		117 EAST COLORADO BLVD
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105
		BUSINESS PHONE:		6268449415

	MAIL ADDRESS:	
		STREET 1:		736 RAYMOND AVENUE
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90405
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-07-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000075398</issuerCik>
        <issuerName>PACIFIC AMERICAN INCOME SHARES INC</issuerName>
        <issuerTradingSymbol>PAI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001251525</rptOwnerCik>
            <rptOwnerName>DEFRANTZ ANITA L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>385 E. COLORADO BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PASADENA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91101</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2004-07-21</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>100</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.61</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>620</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Lisa G. Mrozek, by Power of Attorney</signatureName>
        <signatureDate>2004-07-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

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