We observed the anomalous X-ray pulsar 4U 0142+61 using the Proportional Co
unter Array on board the Rossi X-Ray Timing Explorer in 1996 March. The pul
se frequency was measured as v = 0.11510039(3) Hz, with an upper limit of \
(v) over dot\ less than or equal to 4 x 10(-13) Hz s(-1) on the short-term
change in frequency over the 4.6 day span of the observations. A compilatio
n of all historical measurements showed an overall spin-down trend with slo
pe (v) over dot = -3.0 +/- 0.1 x 10(-14) Hz s(-1). Searches for orbital mod
ulations in pulse arrival times yielded an upper limit of a(x) sin i less t
han or similar to 0.26 It-s (99% confidence) for the period range 70 s to 2
.5 days. These limits combined with previous optical limits and evolutionar
y arguments suggest that 4U 0142 + 61 is probably not a member of a binary
system.