I use my Drill Press's Jacobs Chuck. To me, it is the best method because a Chuck is meant for securely gripping cylindrical type tools and will not mark, mar or scratch if tightened properly. A good quality Chuck is precise and works like a charm every time!
Don't forget the empty cartridges (both on & off) and reverse thread in Smiths made after mid 20th Century.
Tighten Chuck firmly but do not "Gorilla it"! I personally pull out Drill Press plug so there is absolutely no way the motor can be turned on!