  We have obtained a moderately long (100 kilosecond) ASCA observation of the
Seyfert 1 galaxy Markarian 231, the most luminous of the local ultraluminous
infrared galaxy (ULIRG) population. In the best-fitting model we do not see the
X-ray source directly; the spectrum consists of a scattered power-law component
and a reflection component, both of which have been absorbed by a column N_H
\approx 3 X 10^(22)/cm^2. About 3/4 of the observed hard X-rays arise from the
scattered component, reducing the equivalent width of the iron K alpha line.
The implied ratio of 1-10 keV X-ray luminosity to bolometric luminosity,
L_x/L_bol \sim 2%, is typical of Sy 1 galaxies and radio-quiet QSOs of
comparable bolometric luminosities, and indicates that the bolometric
luminosity is dominated by the AGN. Our estimate of the X-ray luminosity also
moves Mrk 231 in line with the correlations found for AGN with extremely strong
Fe II emission. A second source separated by about 2 arcminutes is also clearly
detected, and contributes about 25% of the total flux.
