  We present the first X-ray spectrum obtained by the Low Energy Transmission
Grating Spectrometer (LETGS) aboard the Chandra X-ray Observatory. The spectrum
is of Capella and covers a wavelength range of 5-175 A (2.5-0.07 keV). The
measured wavelength resolution, which is in good agreement with ground
calibration, is $\Delta \lambda \simeq$ 0.06 A (FWHM). Although in-flight
calibration of the LETGS is in progress, the high spectral resolution and
unique wavelength coverage of the LETGS are well demonstrated by the results
from Capella, a coronal source rich in spectral emission lines. While the
primary purpose of this letter is to demonstrate the spectroscopic potential of
the LETGS, we also briefly present some preliminary astrophysical results. We
discuss plasma parameters derived from line ratios in narrow spectral bands,
such as the electron density diagnostics of the He-like triplets of carbon,
nitrogen, and oxygen, as well as resonance scattering of the strong Fe XVII
line at 15.014 A.
