James Braid won the Championship, three strokes ahead of runner-up Harry Vardon.
Taylor was next, seven shots behind with James Kinnell and Jack White a further two strokes back.
With Braid having finished his round, Vardon had a chance to tie if he could play the last three holes in level fours.
Taylor finished third with amateur Harold Hilton a further seven strokes behind.
If not for a brutal 89 in the first round, Hilton would have fared much better on the final leaderboard.