We examine theoretically the dominant features of the experimental data on the reaction $\ensuremath{\gamma}+p\ensuremath{\rightarrow}{\ensuremath{\rho}}^{0}+p$ which have recently been presented by the Cambridge Electron Accelerator bubble-chamber collaboration. In accord with the experimentalists' conclusions, we find that (a) the exchange of a single ${\ensuremath{\pi}}^{0}$ does not seem to play an important role in the production mechanism, perhaps merely because of a relatively small value for the ${\ensuremath{\rho}}^{0}{\ensuremath{\pi}}^{0}\ensuremath{\gamma}$ vertex; (b) a diffraction production mechanism may play a significant role in the production of ${\ensuremath{\rho}}^{0}$ at near-forward angles. However, for photon laboratory energies between 1.8 and 6 BeV, about 40% of the ${\ensuremath{\rho}}^{0}$ are produced at center-of-mass angles $\ensuremath{\theta}$ with $cos\ensuremath{\theta}<0.85$. We address ourselves to the question of whether the exchange of a neutral vector meson, in particular the ${\ensuremath{\omega}}^{0}$, can be playing a significant role in the production mechanism; perhaps a dominant role for ${\ensuremath{\rho}}^{0}$ produced at other than near forward angles. The ${\ensuremath{\rho}}^{0}{\ensuremath{\omega}}^{0}\ensuremath{\gamma}$ vertex violates charge-conjugation invariance and time-reversal invariance. We find that the present data on (1) the forward differential cross section as a function of photon energy, (2) the production angular distribution and total cross section at about 5 BeV, and (3) the behavior of the ${\ensuremath{\rho}}^{0}$ density matrix elements as functions of production angle and photon energy, are completely consistent with the results from the exchange of an ${\ensuremath{\omega}}^{0}$, with a $C$-violating transition magnetic moment at the ${\ensuremath{\rho}}^{0}{\ensuremath{\omega}}^{0}\ensuremath{\gamma}$ vertex of the order of unity, in units of $\frac{e\ensuremath{\hbar}}{2m\ensuremath{\rho}}$. It appears that further experiments to elucidate the behavior of the density matrix elements as functions of production angle, in particular at the larger production angles, could detect a variation that is possibly characteristic of the ${\ensuremath{\omega}}^{0}$-exchange mechanism. When our results correspond to some aspect of the data which can also be correlated with diffraction production, we say only that the data are consistent with $C$ noninvariance. When our results give rise to some striking aspect which is not an evident feature of diffraction production, we say only that that $C$ noninvariance provides one possible interpretation should the data exhibit this aspect. In the Appendix, we note a model in which $C$ noninvariance in the electromagnetic interaction of neutral vector mesons manifests itself in certain processes through $C$ noninvariant and isotopic-spin-violating vertices among hadrones, which are of order $\ensuremath{\alpha}$.
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