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| Pos | Team | Pld | W | D | L | F | A | Pts |
| 1 | Alloa | 18 | 13 | 4 | 1 | 43 | 13 | 43 |
| 2 | Elgin | 18 | 11 | 3 | 4 | 43 | 17 | 36 |
| 3 | Queens Park | 18 | 10 | 4 | 4 | 41 | 17 | 34 |
| 4 | Stranraer | 18 | 10 | 2 | 6 | 43 | 33 | 32 |
| 5 | Annan Athletic | 18 | 7 | 5 | 6 | 28 | 26 | 26 |
| 6 | Peterhead | 18 | 7 | 5 | 6 | 25 | 23 | 26 |
| 7 | Montrose | 18 | 7 | 3 | 8 | 34 | 33 | 24 |
| 8 | Berwick | 18 | 6 | 5 | 7 | 30 | 28 | 23 |
| 9 | Clyde | 18 | 5 | 5 | 8 | 24 | 23 | 20 |
| 10 | East Stirling | 18 | 5 | 4 | 9 | 24 | 33 | 19 |