The time-averaged 30 ks Chandra HETGS observation of the micro-quasar GRS 1915+105 in the low hard state reveals for the first time in this source neutral K absorption edges from Fe, Si, Mg, & S. Ionized resonance absorption from H-, and He-like Fe (XXV, XXVI), Ca XX and possibly emission from neutral Fe Kalpha and ionized Fe XXV (forbidden, or the resonance emission component of a P-Cygni profile) are also seen. We report the tentative detection of the first astrophysical signature of XAFS in the photoelectric edge of Si (and possibly Fe and Mg), attributed to material in grains. The large column densities measured from the neutral edges reveal anomalous Si and Fe abundances. Scenarios for which the anomalous abundances can be attributed to surrounding cold material associated with GRS 1915+105 and/or that the enrichment may signify either a highly unusual supernova/hypernova, or external supernova activity local to the binary are discussed. We attribute the ionized features to a hot disk, disk-wind, or corona environment. These features allow for constraints on the ionization parameter (log xi > 4.15), temperature (T > 2.4 x 10^6 K), and hydrogen equivalent number density (n > 10^{12} cm^{-3}) for this region. Variability studies with simultaneous RXTE data show that the light curve count rate tracks changes in the disk blackbody and the power-law flux. Spectral changes in the Chandra data also track the behavior of the light curve, and may point to changes in both the ionizing flux and density of the absorber. A 3.69 Hz QPO and weak first harmonic is seen in the RXTE data.
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