Yep, boo storage is important. Ideally most guys I know hang there rods vertially in a bag, low humidity, moderate temps.
Not an expert but check out your rod, do the windings look like they have mold/mildew? Handle has mildew? Does the rod have any segments that seem to be comming apart when you gently flex each section? If any of the sections seem loose or look like they glue is not solid, do not bend anymore. Rods stored in closed containers with mositure from that era tend to come apart easly.
How do the ferrules look, any cracks, do you have to force them or do they slip together with gentle pressue. Maybe some steel wool to buff up the male if they are tight.
I have a couple rods made in 30s and are still fine to fish with so if your rod was stored in good condtion, heck have fun with it. Maybe I should ask this, is the name of the maker on it?
If you see a name like Payne, Garrison, Dickerson, Young you may want to do a bit more research as some of those are worth a fair bit of bucks.
There are several good rod restores around if you want to spend a few bucks and get it redone.