PURPOSE: To ensure stepwise overlap of bank notes being separately conveyed by providing means for making the trailing ends of the bank notes, which are being conveyed from first to second conveyor mechanisms disposed at a spacing, warp from the conveyor passage.

CONSTITUTION: A bank note conveyor mechanism 1 is operative to convey bank notes separately one by one. A bank note arranging apparatus 2 is composed first conveyor rollers 4a and 5b apaced from each other, second conveyer rollers 5a and 5b, and a rotor 6 having a pair of parallel bars 10 and 11 inbetween. The bank notes are conveyed by the first rollers 4a and 4b, and their trailing ends are detected by a light emitting element 19a and a light reveiving element 19b. The second rollers 5a and 5b are driven for a preset time so that the leading ends of the bank notes are clamped whereas the trailing ends are separated from the first rollers. When the second rollers are stopped a preset time later, the rotor 6 is turned a half counter-clockwise to warp the trialing ends downward so that the leading end of the second bank note is piled on the preceding bank note. When the trailing end of the second bank note is detected by the element 19b, the second rollers 5a and 5b are turned for a preset time so that the trailing end of the first bank note and the leading end of the second bank note are cenveyed in an overlapped manner