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On the sign:
AL DEMOCRATICI UMBRI VITTIME DELLO SQUADRISMO FASCISTA
The Fascist Squadrismo were fascist militias established after the First World War (1921-1922) and formed the basis for the establishment of the Fascist Party in Italy. The fascists advocated nationalism, and opposed freedom and democracy. The Democrats were forces that opposed them, including those of the province of Umbria of which Perugia is the capital.
The place where the sign is located was photographed on the same day by the same photographer Click for a larger image
Translation of the text on the sign: TO THE UMBRIAN DEMOCRATS VICTIMS OF FASCIST SQUADRISM