Research from the nineteenth century
Frischkorn and Rucker also described the experiments of Buden (1875),
Schucking (1877), and Haselhorst (1929).  Budin measured the blood that
drained out of the umbilical vessels when the cord was cut at varying intervals
of time.  In 32 cases, the cord was not tied until pulsations had ceased, with
an average yield of 11.2 cc of residual blood.  In 30 cases, after immediate
ligation of the cord, the average was 98.4 cc.
Buden wrote in French, Schucking and Haselhorst in German, and I am as
grateful as anyone for the summaries Frischkorn and Rucker provided in their
article.
Schucking (1877) described the blood recovered in Budin's experiments as
"reserve blood," which he said was intended to fill the pulmonary vessels.  This
certainly makes intuitive sense because the most important transition from fetal
to postnatal life is the transfer of respiratory function from the placenta to the
lungs.  Schucking weighed each infant at the time of delivery, then again after
tying of the cord.  Infants gained from 30 to 110 grams when the cord was not
tied.  Babies whose cords were tied immediately had a more rapid pulse and
gained weight more slowly, whereas those whose cords were tied late had a
slower pulse and regained their birth weight in four to six days.  Schucking
observed no jaundice in the latter group.
Schucking also commented that he observed no jaundice in the infants whose
cords were tied late.  The problem of kernicterus, associated with bilirubin
staining of selective subcortical nuclei, was a subject already under discussion.
 Frischkorn and Rucker reported having found only one "recent" article
(Franklin 1931) in which jaundice was observed more frequently in babies
whose cords were tied late.