Since we sell used machine tools I have solved this problem at least a
dozen times. Saw the arbor off approximately flush with the chuck. You
were going to throw it away any way. Run the chuck up tight and tighten
it with the chuck key. Chuck it in your lathe spindle chuck and drill a
pilot hole for something like a 5/16" - 18 thread and tap it. Put a
small 1/2" drive socket over the Jacobs chuck arbor drive end and
screw a bolt through that into the newly threaded hole. That bolt will
draw the tapered stub out with almost no torque on the wrench. It is
even more cost effective when you salvage an Albrecht chuck this way.
Leigh at MarMachine