We report on analysis of I CCD photometry of Nova V1974 Cygni from the
observational season 1995. The analysis shows that both short-term mo
dulations with periods 0.0813 and 0.085 days (whose values are close t
o 2-day aliases of one another) are still present in the light curve o
f Nova V1974 Cygni. Contrary to the 1994 situation the amplitude of th
e 0.085-day modulation in 1995, was, on the average, smaller than the
amplitude of the 0.0813-day modulation. The observations give evidence
that the 0.0813-day period, interpreted as the orbital period of the
system, decreased during the time interval 1993-1995. The 0.085-day pe
riod, observed as decreasing in 1994, stopped decreasing and seems to
increase since the middle of 1995. The light curve of V1974 Cygni obse
rved during some nights at the end of the 1995 season resembles the li
ght curve of a polar with two sets of minima.