Abstract: A dispenser for flexible sheet material having a reserve roll that automatically moves into the dispensing position when the dispensing roll is almost exhausted. The sides of the reserve roll guide tracks are angled inwardly to engage the reserve roll spool at an off center point, so the spool is motivated to move downwardly toward the dispensing position whenever it is rotated. The leading edge of the reserve roll towel engages the remaining portion of the almost exhausted dispensing roll and is moved therewith to be threaded through the dispensing mechanism. The perforating mechanism is assisted through the perforating stroke by a spring mechanism and is halted by a roll stop mechanism including a pivoted stop link and an anti-reverse pawl.