  We present and discuss 25 spectra obtained in November 1996, covering all
phases of the CAL 87 binary system. These spectra are superior both in
signal-to-noise and wavelength coverage to previously published data so that
additional spectral features can be measured. Photometry obtained on the same
nights is used to confirm the ephemeris and to compare with light curves from
previous years. Analysis of the color variation through the orbital cycle has
been carried out using archival MACHO data. When a barely resolved red field
star is accounted for, there is no (V-R)-color variation, even through eclipse.
There have been substantial changes in the depth of minimum light since 1988;
it has decreased more than 0.5 mag in the last several years. The spectral
features and radial velocities are also found to vary not only through the
0.44-day orbit but also over timescales of a year or more. Possible
interpretations of these long-term changes are discussed. The 1996 spectra
contain phase-modulated Balmer absorption lines not previously seen, apparently
arising in gas flowing from the region of the compact star. The changes in
emission-line strengths with orbital phase indicate there are azimuthal
variations in the accretion disk structures. Radial velocities of several lines
give different amplitudes and phasing, making determination of the stellar
masses difficult. All solutions for the stellar masses indicate that the
companion star is considerably less massive than the degenerate star. The
Balmer absorption-line velocities correspond to masses of ~1.4Msun for the
degenerate star and ~0.4Msun for the mass donor. However, the strong He II
emission lines indicate a much more massive accreting star, with Mx>4Msun.
