That's corrosion setting in inside/under the wrap. Not much you can do for it other than re-wrap it. The chrome wrap of this era was a plastic wrap, not "real" metal like the old "chrome-o-wood" was. Basically it was a base layer of plastic, a layer of metal foil, and a layer of clear plastic all made in a laminate, most likely by Delmar at the time. Moisture has gotten into the wrap and started the corrosion of the foil. Most likely cause by storage of the drum in a damp basement or the like.
Again, not much you can do to fix it other than a re-wrap in the same material or a different finish from the chrome. Fortunately it's a Rocker series drum so you really wouldn't be killing it's value by re-wrapping as it essentially has no real great value. Rockers were considered entry level Ludwig's at the time, so no big deal if you modify it.