| # | Team Name | P | W | D | L | F | A | GD | PTS |
| 1 | Queen of South | 36 | 29 | 5 | 2 | 92 | 23 | +69 | 92 |
| 2 | Alloa | 36 | 20 | 7 | 9 | 62 | 35 | +27 | 67 |
| 3 | Brechin | 36 | 19 | 4 | 13 | 72 | 59 | +13 | 61 |
| 4 | Forfar | 36 | 17 | 3 | 16 | 67 | 74 | –7 | 54 |
| 5 | Arbroath | 36 | 15 | 7 | 14 | 47 | 57 | –10 | 52 |
| 6 | Stenhousemuir | 36 | 12 | 13 | 11 | 59 | 59 | 0 | 49 |
| 7 | Ayr | 36 | 12 | 5 | 19 | 53 | 65 | –12 | 41 |
| 8 | Stranraer | 36 | 10 | 7 | 19 | 43 | 71 | –28 | 37 |
| 9 | East Fife | 36 | 8 | 8 | 20 | 50 | 65 | –15 | 32 |
| 10 | Albion R. | 36 | 7 | 3 | 26 | 45 | 82 | –37 | 24 |