| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | East Fife | 36 | 62 | +21 | 18 | 8 | 10 | 62 | 41 |
| 2 | Elgin City | 36 | 59 | +13 | 17 | 8 | 11 | 59 | 46 |
| 3 | Clyde | 36 | 57 | +11 | 17 | 6 | 13 | 56 | 45 |
| 4 | Queen's Park | 36 | 56 | +14 | 15 | 11 | 10 | 46 | 32 |
| 5 | Annan Athletic | 36 | 56 | +12 | 16 | 8 | 12 | 69 | 57 |
| 6 | 36 | 49 | -5 | 14 | 7 | 15 | 45 | 50 | |
| 7 | Stirling Albion | 36 | 48 | +1 | 13 | 9 | 14 | 47 | 46 |
| 8 | Montrose | 36 | 43 | -20 | 11 | 10 | 15 | 50 | 70 |
| 9 | Arbroath | 36 | 39 | -9 | 11 | 6 | 19 | 42 | 51 |
| 10 | 36 | 32 | -38 | 9 | 5 | 22 | 41 | 79 |