  We present $V$-band light curves of 61 variables from the core of the
globular cluster M5 obtained using a newly developed image subtraction method
(ISM). Four of these variables were previously unknown. Only 26 variables were
found in the same field using photometry obtained with DoPHOT software. Fourier
parameters of the ISM light curves have relative errors up to 20 times smaller
than parameters measured from DoPHOT photometry. We conclude that the new
method is very promising for searching for variable stars in the cores of the
globular clusters and gives very accurate relative photometry with quality
comparable to photometry obtained by HST. We also show that the variable V104
is not an eclipsing star as has been suggested, but is an RRc star showing
non-radial pulsations.
