We present new, quasi-simultaneous hard X-ray and near-IR spectra of the ul
traluminous infrared galaxy IRAS 0.5189-2524, and discuss them together wit
h archival and literature data. The 1.9 Seyfert nucleus is Compton-thin. Th
e near-IR broad lines are seen in transmission, similarly to the X-rays, an
d the medium along the line of sight has an A(V)/N-H ratio definitely lower
than Galactic. The increase in obscuration observed at the latter epoch ha
s DeltaA(V)/DeltaN(H) also less than Galactic, supporting a correlation bet
ween the properties of the obscuring matter and its proximity to the center
. The measured A(V) is compatible with the broad component of H alpha being
seen in transmission, as opposed to scattering, so that most of the observ
ed polarization must be due to dichroism. The bolometric luminosity of the
AGN, deduced from the X-ray and line luminosities, falls definitely short o
f accounting for the IR luminosity of the galaxy consistent with its coolis
h infrared color.