We have made timing observations of binary pulsar PSR B1534+12 with radio t
elescopes at Arecibo, Green Bank, and Jodrell Bank. By combining our new ob
servations with data collected up to seven years earlier, we obtain a signi
ficantly improved solution for the astrometric, spin, and orbital parameter
s of the system. For the first time in any binary pulsar system, no fewer t
han five relativistic or "post-Keplerian" orbital parameters are measurable
with useful accuracies in a theory-independent way. We find the orbital pe
riod of the system to be decreasing at a rate close to that expected from g
ravitational radiation damping according to general relativity, although th
e precision of this test is limited to about 15% by the otherwise poorly kn
own distance to the pulsar. The remaining post-Keplerian parameters are all
consistent with one another and all but one of them have fractional accura
cies better than 1%. By assuming that general relativity is the correct the
ory of gravity, at least to the accuracy demanded by this experiment, we fi
nd the masses of the pulsar and companion star each to be 1.339 +/- 0.003 M
. and the system's distance to be d = 1.1 +/- 0.2 kpc, marginally larger th
an the d approximate to 0.7 kpc estimated from the dispersion measure. The
increased distance reduces estimates of the projected rate of coalescence o
f double neutron star systems in the universe, a quantity of considerable i
nterest for experiments with terrestrial gravitational wave detectors such
as the Laser Interferometer Gravitational-Wave Observatory.