If you are seeing the port speed and not the modem connect speed, here are the causes of the problem.

They are listed below from most likely to least likely:

Win95 doesn't know your correct modem type (Control Panel, Modems).
For example, if Win95 thinks you have a 28.8 modem, but you have a 33.6 or 56k modem, whenever you connect faster than 28.8, Win95 will report the port speed because it won't recognize the higher connect speeds.

The Modem INF file you have is out-of-date. (Check with the modem manufacture. To install that, you go to Control Panel, Modems, remove the current modem, then Add it. When prompted, select the Have a Disk option and browse to the new INF file. Be sure to select the correct modem type.)

You need to provide some Extra Settings (Control Panel, Modems, Properties, Connection, Advanced) to get the modem to report the connection speed. Check your modem manual.

Your modem is not capable of reporting the connection speed