Yes, curiously these two different songs with the same title were recorded by the same orchestra in one year But the sources are completely different: Harry Warren and Horatio Nicholls.
Alexander Varlamov's band was known much more for Harry Warren's tune, and the records with it was issued in thousands copies.
On the contrary, this record is extremely rare and was made at a local industry factory; here Varlamov acts only as an accompanyist. A more popular version of this Horatio Nicholls tune with the same text, entintled "Carnival", was recorded by Klavdiya Novikova with Alexander Tsfasman's orchestra.
So maybe this coincidence with Varlamov was even not noticed at that time...