The RWBY Manga English Translation for Chapter 4 is out courtesy of Remnant Scans at their Wordpress Blog.
Let's tackle it:
1) A translation note about the previous chapter, about the "Possesion Type Grimm" thing. Not much to say aside to the fact that it was apparently the most logical translation for the original kanji RS was able to pull out.
2) Omg, is that young Winter?
3) Weiss gets her scar fighting that Giant Armour that looks like the one from the White Trailer but not completely. Apparently, when aura is pushed enough, it's possible to take damage and bleed even if it hasn't been completely depleted.
4) Mr. Schnee loves Weiss... as in, loves the idea of her exhibiting herself to make him look good, being obedient and working for him.
5) I wonder if the bit about "being the head of the Schnee family" is just a way of saying he is the older member of Weiss family active. Or, they work like a clan, and he is the Head of the Main Family which runs the SDC and the secondary branches have other "traditional" duties.
If it's the second case, fuel for the inheritable semblance to be the result of intermarriage between distant cousins.
6) The Giant Armour doesn't look the same but the fight certainly is a lot like the one in the White Trailer.
7) And Winter's deflection to the military is confirmed as Weiss inspiration to go make her own road.
8) The concert from the White Trailer was apparently a Charity Event. And Weiss way to test how much Papa Schnee actually likes seeing her perform.
9) Next chapter we get Blake! Hopes for some pre-Black Trailer Adam and Blake dynamics. Even better! Hopes of what exactly is up with Blake's family, where she is from and all that.