I have an old Elm tree on my property, probably 80+ feet tall. It has a hole in the side that weeps.
Is there anything I can do to help it?
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If it's seeping fluid, its gummosis/canker; if the fluid is foul smelling, it's bacterial canker and unfortunately, there is no treatment. Trees with canker, though, will be rotting on the inside, and over time will become unstable and will eventually fall; I suggest you call an arborist (or tree surgeon, depending what country you live in) to inspect the tree, give advice and particularly check for safety, especially if it's likely to fall onto property or people if it does fall. At some point it will need removing, so see what the arborist says.