Should turn with no effort at all. You may recall my saying keep exact track of any shims when removing bearing caps. If there were no shims there clearly needs to be. The spindle MUST have some clearance between itself and the material the bearings are made out of for an oil film.
If you are just installing the bearing caps and tightening the bolts, you need to start over and place, say, .0015 (one and a half thousandths) shims between the cap and the headstock and see if that did any good.
We won't get into scraping bearings to fit spindle just yet, but you may need to tackle that eventually depending on what sort of abuse the lathe has seen in the last 108 years.
Basic requirements:
Quality finish and geometry of spindle journals (round, concentric, no taper)
Exact fit including side to side and up and down alignment with ways
Proper clearance for oil film (around .0005" or half thousandth as a target on diameter on this small machine)
No effort to turn spindle with oil in place and cap bolts torqued.
These very nice fits for plain spindle bearings is the reason for a light spindle oil such as Exxon Mobil Velocite #10.
John Oder