| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 26 | 40 | +31 | 17 | 6 | 3 | 46 | 15 | |
| 2 | Raith Rovers | 26 | 40 | +23 | 15 | 10 | 1 | 45 | 22 |
| 3 | Alloa Athletic | 26 | 35 | +16 | 14 | 7 | 5 | 48 | 32 |
| 4 | Queen's Park | 26 | 29 | +8 | 10 | 9 | 7 | 41 | 33 |
| 5 | Cowdenbeath | 26 | 29 | +1 | 11 | 7 | 8 | 44 | 43 |
| 6 | Stirling Albion | 26 | 25 | +7 | 9 | 7 | 10 | 39 | 32 |
| 7 | Stranraer | 26 | 25 | +6 | 11 | 3 | 12 | 49 | 43 |
| 8 | 26 | 24 | 0 | 8 | 8 | 10 | 33 | 33 | |
| 9 | Albion Rovers | 26 | 24 | -3 | 7 | 10 | 9 | 35 | 38 |
| 10 | Stenhousemuir | 26 | 23 | -5 | 9 | 5 | 12 | 39 | 44 |
| 11 | 26 | 19 | -12 | 7 | 5 | 14 | 32 | 44 | |
| 12 | Forfar Athletic | 26 | 18 | -20 | 4 | 10 | 12 | 28 | 48 |
| 13 | Brechin City | 26 | 17 | -23 | 6 | 5 | 15 | 30 | 53 |
| 14 | Meadowbank Thistle | 26 | 16 | -29 | 5 | 6 | 15 | 24 | 53 |