I have a several plum trees in Calgary, some of them are forty years old now.
I suspect I might what you're going through.
Cytospora cankers.
A fungus infection is damaging the bark, which then allows the bugs to invade.
There is no easy cure, fungicides are not effective.
Other than pruning away infected material (with repeated disinfecting pruning equipment to prevent spreading the fungus), there is not much else that can be done.
When the infection is in the trunk, all growth above is going to die off.
You could let a few suckers from below the infected area regrow into a new main branch. Unfortunately, these will probable grow for a few years and then get infected too...
And,
Seventy years is OLD for a plum tree.
Can't beat the facts of life....