What should I do if there is bleeding from the umbilical stump?

Dont worry. Umbilical cords bleeding is common and no need to worry unless there seems to be alot of bleeding. If you are concerned you should see your primary care physician.
Call your doctor. It is actually very common to have some small amount of bleeding from the umbilical stump as your babies umbilical cord is falling off. Most of the time I just tell parents to watch it. If it does seem like a large amount of blood, a baby should be seen by the pediatrician since the umbilical stump may need to be chemically cauterized with silver nitrate.
May be normal. After the umbilical stump falls off, it is like a scab falling off a scrape. A little bleeding might occur. It is usually resoved within 2 to 3 days after the stump falls off. If the area looks red in any way or if it seems to always be "moist" even after the stump has fallen off, take your baby th the doctor asap.
Applying alcohol.... ..Might help, if it does not, your doctor can cauterize the stump with silver nitrate and that should fix it. The stump tissue is similar to the tissue in a half-healed wound, but it can persist longer.
Stay off the tummy. A little bleeding from a baby's umbilical stump is normal, if the skin around the stump isn't red or hard. It's usually best to avoid baths, tummy time, or anything that would irritate the area until the belly button is clean, healed, and dry.
Don't fret. Remember: there are three large vessels (two veins and an artery, usually) that are drying up inside that umbilical stump. They will crack open and fall off eventually, and any (old) blood in there will ooze out. (it'll also likely smell bad - it's old.) if it continues to bleed, schedule a visit with your provider, but it's likely just residual old blood.
Bleeding should stop. The usual way a navel bleeds is just after something tugged on the umbilical stump when it is almost ready to fall off. The navel may ooze a drop or two of blood; then the stump will fall off in a few days. Also, there may be a drop or two of blood coming from the navel for a couple days, after a stump falls off. If there's continuous bleeding at any time, the baby should go to emergency room.
Call Your Doctor. Bleeding from the stump could be a part of the normal healing process or could be caused by scar tissue, also known as an umbilical granuloma. Although this is usually not an emergency, a granuloma should be treated, either with a chemical to reduce the tissue, or with a minor surgical procedure.