Blood volume increase
Gunther (1957) weighed infants for up to 20 minutes after birth, with the
umbilical cord intact allowing ongoing placental circulation.  Fluctuations in
weight occurred in response to uterine contractions, elevation of the baby
above or below the mother's uterus, and pulsations of the cord.
Most interesting of Gunther's findings were the annotations of the weight
gain/loss tracings.  In figure 1 (below) postnatal activity and weight profile are
shown for a baby who started crying only 9 minutes after birth, and with
pulsations of the cord continuing for 19 minutes after birth.
What would have been the Apgar scores and fate of this child had the cord
been cut  within the first minute after birth?
Likewise, in figure 3 (left),
resuscitation was started
within one minute on an infant
described as "slow to cry."  
Crying began more than 6
minutes after birth following a
uterine contraction and
additional weight gain from
placental blood.  Pulsations
of the cord continued
throughout the 10 minute
interval shown in the graph.  
This would surely have been
another infant described as
severely depressed by
Apgar, and with an ominous
outcome.
Gunther commented, "These records confirm once more that, if the cord is
left untied, a baby will usually increase his blood volume by a significant
amount."  She compared her findings to those of Haselhorst (1929) and
Allmeling (1930), noting that placental transfusion increased a newborn's
weight by by 0.8 to 4.7 percent, which (assuming blood volume is about 10
percent of an infant's weight) amounts to as much or more than 40 percent of
the baby's blood volume.