I was under the impression that rail was something like 1070. I couldn't remember where I heard this or who I heard it from but a quick search online and I found this company that recycles rail into another product at this site:
http://www.jssteel.com/specifications/index.asp
This is what they had to say about the angles they manufacture:
"Chemical & Mechanical Properties of Rail Steel Angles
Jersey Shore Steel Company manufactures rail steel angles rerolled from railroad rails as per ASTM specification A499-89*. Rail steel is not supplied with specific mechanical (tensile and yield) properties, however the ASTM A-499 does provide the following guidelines:
MechanicalMinimum requirements are set on tensile and yield strength.
ChemicalChemical properties will be consistent with ASTM A1-92**.
JSS Testing*** ASTM A499-89/Grade 50* ASTM A 1-92**
Tensile 115,000 psi min. 80,000 psi
Yield 67,000 psi min. 50,000 psi
Carbon .65 .55-.82
Manganese .82 .60-1.10
Phosphorus .035 .035-.040
Silicon .15 .10-.50
Sulfur .03 .04-.05 "
Looks like it has quite a bit of variation from rail section to rail section but it also looks like it would be a pretty tough steel!