A modified version of the McWeeny density matrix method as described in I is
used to calculate the binding characteristics of a number of first-row diatomic molecules. The exchange energy is approximated by the Xα expression. A similar formula is derived to include correlation. The properties of the deepest multiplet states of the molecules Be2,
Be2+, B2, B2+, C2, C2+, C2-, O2, O2+ , CO, CO+ and CO- are studied and compared with other theoretical results obtained by different methods.