Abstract: A load applying device for an exercise device for applying a load to a shaft rotating at a speed higher than a predetermined speed comprising a frame rotatably supporting the shaft, means operated by the user for rotating said shaft, and rotated therewith and an electromagnet disposed adjacent the rotating disc and cooperating therewith so that magnetic flux traversing the surfaces of the rotating disc is generated to apply brake torque to the rotating disc. Preferably, the electromagnet comprises a main body with a core and an exciting body wound on the core, and control means for controlling the current applied to the exciting coil. The load applying device includes speed increasing mechanism which may comprise a first stage motion transmitting chain and gear mechanism and a second stage belt and rotating body mechanism.