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All Metro rail trains will run 24 hour service on Dec 31st, New Years Eve. Metro Red, Blue, Purple, Green and Gold Lines will run every 20 minutes from 9PM to 5AM.
The Gold Line will run every 7 minutes on January 1st, New Years Day to facilitate the Rose Parade in Pasadena.
From the LA Times "The Metro Red Line subway travels at 70 mph, with each car seating about 60 people, Wosk said. Passengers can travel from the North Hollywood station to downtown Los Angeles in about 20 minutes".
i remember when the little door to the operator section of the car and those two seats used to be open, i remember reading the speedometer through the tinted window, and it would top out at around 60 when going from highland to universal, which is the fastest avg speed travelled between stations.
There is a yahoo group that's pretty active. Their always talking about the old red line system. Finding and documenting parts of the system that's still out there. These guys would know the top speed of the trains.
alls i knows is that when RBI and I left Union Station once, he took his bike, and I took the Red Line, and we ended up at Hollywood & Highland at the same time. (mind you, because their freaking trains are so infrequent, i was waiting for about 20 minutes before even leaving Union.)
noho to downtown in 20 minutes is a pipe dream. Odds are good you'll sit for 15 minutes before the train even shows up, and then it takes a good bit longer than 20 minutes. I've done west hollywood to 7th street at least 10 times and I don't think I've ever managed it in less than 45 minutes. It is just as fast (and far more fun) to ride it on a bicycle.
Most of the time the Blue is running every 12 minutes. Sooner during the rush hours. That's easy to live with. What isn't is the last train from LA is at 12:45am.
The only way the schedule will change is if there's a demand. There's not much demand right now.