UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
          TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(b)
                              (Amendment No. ___ )



                       The Westinghouse Air Brake Company
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    960386100
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                                  July 1, 1998
- --------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this schedule
is filed:

                                          [ ] Rule 13d-1(b)

                                          [X] Rule 13d-1(c)

                                          [ ] Rule 13d-1(d)




- ----------------------------------                   ---------------------------
|CUSIP NO. 960386100             |   13G            |   Page  2   of  4 Pages  |
|          -----------           |                  |        ---     ---       |
- ----------------------------------                   ---------------------------

|--------|---------------------------------------------------------------------|
|   1    |  NAME OF REPORTING PERSON                                           |
|        |  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                  |
|        |                                                                     |
|        |     Charlesbank Capital Partners, LLC                               |
|--------|---------------------------------------------------------------------|
|   2    |  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) [ ]  |
|        |                                                            (b) [ ]  |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|   3    |  SEC USE ONLY                                                       |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|   4    |  CITIZENSHIP OR PLACE OF ORGANIZATION                               |
|        |                                                                     |
|        |     Massachusetts                                                   |
|-----------------|--------|---------------------------------------------------|
|                 |   5    |  SOLE VOTING POWER                                |
|                 |        |    2,400,000 shares                               |
|     NUMBER OF   |--------|---------------------------------------------------|
|      SHARES     |   6    |  SHARED VOTING POWER                              |
|   BENEFICIALLY  |        |    ----                                           |
|     OWNED BY    |--------|---------------------------------------------------|
|       EACH      |   7    |  SOLE DISPOSITIVE POWER                           |
|    REPORTING    |        |    2,400,000 shares                               |
|      PERSON     |--------|---------------------------------------------------|
|       WITH      |   8    |  SHARED DISPOSITIVE POWER                         |
|                 |        |    ----                                           |
|------------------------------------------------------------------------------|
|   9    |  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON       |
|        |                                                                     |
|        |     2,400,000 shares                                                |
|--------|---------------------------------------------------------------------|
|  10    |  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN  [ ] |
|        |  SHARES*                                                            |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|  11    |  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                  |
|        |     7.1%                                                            |
|--------|---------------------------------------------------------------------|
|  12    |  TYPE OF REPORTING PERSON*                                          |
|        |     OO                                                              |
- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                                  SCHEDULE 13G
                                  ------------

Item 1(a)   Name of Issuer:
                 The Westinghouse Air Brake Company

     1(b)   Address of Issuer's Principal Executive Offices:
                 1001 Air Brake Avenue
                 Wilmerding, PA 15148

Item 2(a)   Name of Person Filing:
                 Charlesbank Capital Partners, LLC

     2(b)   Address of Principal Business Office or, if none, Residence:
                 600 Atlantic Avenue, 26th Floor
                 Boston, MA  02210

     2(c)   Citizenship:
                 Massachusetts

     2(d)   Title of Class of Securities:
                 Common Stock

     2(e)   CUSIP Number:
                 960386100

Item 3      This statement is filed pursuant to Rule 13d-1(c).

Item 4      Ownership:

     4(a)   Amount beneficially owned:
                    2,400,000 shares

     4(b)   Percent of Class:
                    7.1%

     4(c)   Number of shares as to which such person has:

            (i)   sole power to vote or to direct the vote:
                             2,400,000 shares

            (ii)  shared power to vote or to direct the vote:
                             ---------

            (iii) sole power to dispose or to direct the disposition of:
                             2,400,000 shares

            (iv)  shared power to dispose or to direct the disposition of:
                             --------


                                   Page 3 of 4



Item 5      Ownership of Five Percent or Less of a Class:
                    Not Applicable.

Item 6      Ownership of More than Five Percent on Behalf of Another Person:
                    Beneficial ownership of the securities was acquired by
                    Charlesbank Capital Partners, LLC ("Charlesbank") pursuant
                    to the Existing Assets Management Agreement, dated as of
                    July 1, 1998, between Charlesbank, President and Fellows of
                    Harvard College ("Harvard") and certain individuals (the
                    "Agreement"). Pursuant to the Agreement, Charlesbank will
                    act as an investment manager on behalf of Harvard and its
                    affiliates in connection with certain existing investments
                    of Harvard and its affiliates, including the investment in
                    The Westinghouse Air Brake Company disclosed herein.

Item 7      Identification and Classification of the Subsidiary which Acquired
            the Security Being Reported on by the Parent Holding Company:
                    Not Applicable.

Item 8      Identification and Classification of Members of the Group:
                    Not Applicable.

Item 9      Notice of Dissolution of Group:
                    Not Applicable.

Item 10     Certification:

            By signing below I certify that, to the best of my knowledge and
            belief, the securities referred to above were not acquired and are
            not held for the purpose of or with the effect of changing or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection with or as a participant in
            any transaction having that purpose or effect.

After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.



                                    CHARLESBANK CAPITAL PARTNERS, LLC


                                    By: /s/ Tami E. Nason
                                        ----------------------------------------
                                        Name:  Tami E. Nason
                                        Title: Vice President, Legal


July 9, 1998

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