| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Clyde | 39 | 59 | +41 | 24 | 11 | 4 | 79 | 38 |
| 2 | Alloa Athletic | 39 | 50 | +24 | 19 | 12 | 8 | 66 | 42 |
| 3 | Arbroath | 39 | 50 | +12 | 20 | 10 | 9 | 62 | 50 |
| 4 | 39 | 48 | +28 | 20 | 8 | 11 | 66 | 38 | |
| 5 | Brechin City | 39 | 46 | +18 | 18 | 10 | 11 | 61 | 43 |
| 6 | Forfar Athletic | 39 | 45 | +24 | 15 | 15 | 9 | 59 | 35 |
| 7 | East Fife | 39 | 37 | -3 | 14 | 9 | 16 | 48 | 51 |
| 8 | Cowdenbeath | 39 | 35 | -6 | 11 | 13 | 15 | 51 | 57 |
| 9 | Stirling Albion | 39 | 35 | -5 | 12 | 11 | 16 | 39 | 44 |
| 10 | Montrose | 39 | 32 | -25 | 12 | 8 | 19 | 49 | 74 |
| 11 | Albion Rovers | 39 | 31 | -22 | 13 | 5 | 21 | 52 | 74 |
| 12 | Meadowbank Thistle | 39 | 30 | -13 | 10 | 10 | 19 | 49 | 62 |
| 13 | Stenhousemuir | 39 | 28 | -24 | 11 | 6 | 22 | 41 | 65 |
| 14 | Stranraer | 39 | 20 | -49 | 7 | 6 | 26 | 36 | 85 |