reel-holder

from The Century Dictionary.

• noun A frame or box with pins upon which reels of silk, cotton, etc., for use in sewing can be put, free to revolve, and kept from being scattered. See spoolholder.
• noun Nautical, on a man-of-war, one of the watch on deck who is stationed to hold the reel and haul in the line whenever the log is heaved to ascertain the ship's speed.