Share 'Drill Press Runout'

I recently picked up a nearly new Jet 3/4 HP, 16 speed drillpress at an estate sale for a great price.  After getting it home and setting it up I prepared to drill some nice straight string holes in a classical bridge using a brad-point drill when I noticed that the tip of the bit was wandering around in a circular path.  Thinking it might be a bent bit, I tried others and had the same result.  I…