  We present spectral analysis of $ASCA$ observations of the early-type
galaxies NGC 720 (E4) and NGC 1332 (E7/S0) with emphasis on constraining the
relative contribution to the X-ray emission from hot gas and the integrated
emission from X-ray binaries. Single-temperature spectral models yield poor
fits to the spectrum ($\chi^2_{red}\sim 3$) over the $\sim 0.5 - 5$ keV energy
range. Two-temperature models significantly improve the spectral fits
($\chi^2_{red}\sim 1.5$) and have soft-component temperatures and sub-solar
abundances consistent with previous $ROSAT$ single-temperature models
($T_{soft}\sim 0.6$ keV, abundances $\sim 0.1$) and hard-component temperatures
($T_{hard}\gtrsim 3$ keV) consistent with those expected from a discrete
component. The soft component dominates the emission in both galaxies,
especially in the 0.4 - 2.4 keV band used in previous $ROSAT$ studies.
Combining these spectral results with $ROSAT$ data we updated constraints on
the mass distributions for NGC 720 and NGC 1332. For NGC 720, which yields the
more precise constraints, the ellipticity of the intrinsic shape of the mass is
slightly reduced $(\Delta\epsilon_{mass}\approx 0.05)$ when the discrete
component is added, $\epsilon_{mass}\sim 0.4-0.6$ $(90%)$. The estimates for
the total mass increase with increasing discrete flux, and we find that models
with $F_{hard}/F_{soft}=0.45$, the $2\sigma$ upper limit, have masses that
exceed by $\sim 30% - 50%$ those where $F_{hard}/F_{soft}=0$.
