| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Alloa Athletic | 36 | 77 | +31 | 23 | 8 | 5 | 70 | 39 |
| 2 | Queen's Park | 36 | 63 | +22 | 19 | 6 | 11 | 70 | 48 |
| 3 | Stranraer | 36 | 58 | +20 | 17 | 7 | 12 | 77 | 57 |
| 4 | Elgin City | 36 | 57 | +8 | 16 | 9 | 11 | 68 | 60 |
| 5 | Peterhead | 36 | 51 | -2 | 15 | 6 | 15 | 51 | 53 |
| 6 | Annan Athletic | 36 | 49 | 0 | 13 | 10 | 13 | 53 | 53 |
| 7 | Berwick Rangers | 36 | 48 | +3 | 12 | 12 | 12 | 61 | 58 |
| 8 | Montrose | 36 | 38 | -17 | 11 | 5 | 20 | 58 | 75 |
| 9 | Clyde | 36 | 35 | -15 | 8 | 11 | 17 | 35 | 50 |
| 10 | 36 | 24 | -50 | 6 | 6 | 24 | 38 | 88 |