A tool for storing dispensing, and applying hemostatic clips includes a shell-like housing, and a pair of ring-handle actuating levers extending therefrom. An elongated dispensing and applying portion extends longitudinally from the housing, and includes a jaw strut extending fixedly from the housing with a pair of laterally opposed jaw members pivotally supported on a distal portion thereof. A channel-like jaw housing extends from the housing in longitudinally translatable fashion, and is received about the jaw strut and jaw members. A magazine member secured to the jaw strut stores a plurality of hemostatic clips in serial, end to end fashion, and is disposed to deliver the distal-most clip between the open jaw members. A feeder slide adjacent to the jaw strut is resiliently biased to urge the clip toward the distal end of the jaw members. Within the housing a shuttle block is disposed for longitudinal translation by squeezing of the levers. A flexible band extends from the shuttle block, about a pulley on the jaw housing, to the feeder slide. As the shuttle is urged distally, the band pulls the feeder slide proximately to clear the jaw members. At the limit of travel of the slide, the band tension on the pulley then drives the jaw housing distally to translate about the jaw members, closing the jaws and crimping the clip completely flat. The shuttle also decrements a counter wheel to show the number of clips remaining in the tool.