Collet Closing Chuck

I have never used one but I have seen pitchers of lathes with them installed.
 
I'd do some research on the collets too. Best I can recall Pratt Burnerd collets are very expensive.

Tom S
 
My brain is telling me "You can make one like that for 5c collets!" Looked at the PB website and don't see anything remotely similar now.
 
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