This special 56-page issue of Futurismo was published on the occasion of F.T. Marinetti’s visit to Trentino, Italy. The cover was the inspiration for Peter Saville’s well-known cover for the New Order album, Movement.
Note the ‘S’ sits on the baseline rather than letting its overshoot descend. I assume the type and rules are letterpress printed, but the overlap of the top of the ‘S’ indicates multiple passes on the press, or some other production process.