  We examine over 160 archival H$\alpha$ spectra from the Ritter Observatory
for the interacting binary $\beta$~Lyr obtained between 1996 and 2000. The
emission is characteristically double-peaked, but asymmetric, and with an
absorption feature that is persistently blueshifted. Using a set of simplifying
assumptions, phase varying emission line profiles are calculated for H$\alpha$
formed entirely in a Keplerian disk, and separately for the line formed
entirely from an off-center bipolar flow. However, a dynamic spectrum of the
data indicate the blueshifted feature is not always present, and the data are
even suggestive of a drift of the feature in velocity shift. We explore whether
a circumbinary envelope, hot spot on the accretion disk, or accretion stream
could explain the observations. While none are satisfactory, an accretion
stream explanation is somewhat promising.
