| # | Team | MP | W | D | L | G | GD | Pts | Form |
|---|---|---|---|---|---|---|---|---|---|
| 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 Athletic | 36 | 17 | 3 | 16 | 67:74 | -7 | 54 | |
| 5. | Arbroath | 36 | 15 | 7 | 14 | 45:55 | -10 | 52 | |
| 6. | Stenhousemuir | 36 | 12 | 13 | 11 | 57:57 | 0 | 49 | |
| 7. | Ayr | 36 | 12 | 5 | 19 | 53:65 | -12 | 41 | |
| 8. | Stranraer | 36 | 10 | 7 | 19 | 42:68 | -26 | 37 | |
| 9. | East Fife | 36 | 8 | 8 | 20 | 47:64 | -17 | 32 | |
| 10. | Albion Rovers | 36 | 7 | 3 | 26 | 45:82 | -37 | 24 |