| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Queen's Park | 39 | 50 | +19 | 16 | 18 | 5 | 62 | 43 |
| 2 | Queen of the South | 39 | 46 | +13 | 16 | 14 | 9 | 66 | 53 |
| 3 | Cowdenbeath | 39 | 45 | +15 | 18 | 9 | 12 | 63 | 48 |
| 4 | Brechin City | 39 | 44 | +6 | 15 | 14 | 10 | 52 | 46 |
| 5 | Forfar Athletic | 39 | 43 | +6 | 17 | 9 | 13 | 63 | 57 |
| 6 | Alloa Athletic | 39 | 42 | +7 | 15 | 12 | 12 | 61 | 54 |
| 7 | Montrose | 39 | 40 | +11 | 16 | 8 | 15 | 66 | 55 |
| 8 | Clyde | 39 | 40 | +5 | 14 | 12 | 13 | 68 | 63 |
| 9 | Arbroath | 39 | 38 | +4 | 13 | 12 | 14 | 58 | 54 |
| 10 | Stenhousemuir | 39 | 37 | +5 | 13 | 11 | 15 | 63 | 58 |
| 11 | East Fife | 39 | 35 | -9 | 10 | 15 | 14 | 44 | 53 |
| 12 | Albion Rovers | 39 | 35 | -13 | 13 | 9 | 17 | 59 | 72 |
| 13 | Meadowbank Thistle | 39 | 29 | -22 | 11 | 7 | 21 | 42 | 64 |
| 14 | Stranraer | 39 | 22 | -47 | 7 | 8 | 24 | 36 | 83 |