We have obtained a moderately long (10(5) s) ASCA observation of the Seyfer
t 1 galaxy Markarian 231, the most luminous of the local ultraluminous infr
ared galaxy population. In the best-fitting model we do not see the X-ray s
ource directly; the spectrum consists of a scattered power-law component an
d a reflection component, both of which have been absorbed by a column N-H
approximate to 3 x 10(22) cm(-2). About three-quarters of the observed hard
X-rays arise from the scattered component, reducing the equivalent width o
f the iron K alpha line. The implied ratio of 1-10 keV X-ray luminosity to
bolometric luminosity, L-X/L-bol similar to 2%, is typical of Seyfert 1 gal
axies and radio-quiet QSOs of comparable bolometric luminosities and indica
tes that the bolometric luminosity is dominated by the active galactic nucl
eus (AGN). Our estimate of the X-ray luminosity also moves Mrk 231 in line
with the correlations found for AGNs with extremely strong Fe II emission.
A second source separated by about 2' is also clearly detected and contribu
tes about 25% of the total flux.