Even as the economy tries to regain its footing, the Jones Inc. endowment is in a stronger position than it has been in several years.

New England Capital Management, the financial advisers hired by the Jones Library trustees in 2009 following the economic meltdown, recently presented an annual investment review indicating that the endowment, which had a value of $7.08 million at the end of 2011, is performing well.

Christopher Milne, senior portfolio manager for the company, told trustees that the organization has gotten a much better hold on its money as it comes out of deep recession during which the value of the endowment plummeted.

"We have been extremely defensive the last two years," Milne said.

Sarah McKee, the president of trustees, said she is satisfied with the decision to replace Vanguard Asset Management Services in late 2009 because this has meant a more active management of the endowment.

"The endowment lost less this past year than our benchmarks did. This is good," McKee said.

McKee noted that previously there had been no similar cash management. The endowment dropped from $9.14 million to $6.02 million between the end of 2007 and the end of the quarter ending March 31, 2009.

During this downturn, Vanguard was selling investments at a loss each month to cover operations.

"The library's new investment managers keep enough cash on hand so that we need not sell at a loss during downturns in order to fund day-to-day operations," McKee said.

Milne cautioned that the endowment will likely not be able to get far ahead if the withdrawal, or spending rate, remains at 5.4 percent each year. The library regularly uses around $400,000, covering between 20 and 25 percent of the total budget. Reducing this, though, could mean cuts to programs and services.

Restaurant hours

New owners of DP Dough, the 96-110 North Pleasant St. restaurant that specializes in calzones, are seeking to extend the restaurant's hours to 2 a.m. on weekday nights and 3 a.m. on weekend nights.

The restaurant's current permit allows it to be open from 7:30 to 1:30 a.m. daily.

John Keyes and Dawn Hamilton, who recently formed Johnny Dean LLC, will present their request to the Zoning Board of Appeals at a public hearing Feb. 23 at 6:30 p.m. in the Town Room at Town Hall.

Keyes and Hamilton operate a second DP Dough franchise in Troy, N.Y.

Taxi company

A new taxi cab company has been licensed to operate in Amherst.

Ambassador Taxi Cab, owned by Paul Harvey of Montague, was recently licensed by the Select Board, joining 10 other companies authorized to pick up passengers.

Currently, Harvey is the owner and lone driver for his company. His offices are expected to be based on Amity Street.

Tuesday: Board of Assessors, 5 p.m., First Floor Meeting Room,. Town Hall.

Wednesday: Zoning Subcommittee, 5 p.m., Town Room, Town Hall.

Thursday: Jones Library Trustees Budget Subcommittee, 1 p.m., Trustees Room, Jones Library; Zoning Board of Appeals, 6:30 p.m., Town Room, Town Hall.