Tubs are most often used as elephant stands. Most tubs have a jagged band of colored paper around the middle or at the top of the tub. Some have one or more decorative paper bands. 

Photo by Jim Sneed from the collection of Jim Sneed

Tubs were sometimes decorated with a gold paper band at the top.

Photo by Jim Sneed from the collection of Jim Sneed

The regular tub at left towers over the reduced tub.

Photo by Jim Sneed from the collection of Jim Sneed

The most common color combination is yellow and red or orange. 

Photo by Jim Sneed from the collection of Jim Sneed

A rare color combination
The top is painted yellow, the side red, a purple paper band around the side, and a gold band around the top.

    
Photo by Jim Sneed from the collection of Jim Sneed

This tub was found with what appears to be a reduced size white horse platform attached to the bottom. This example and one other have been found so perhaps this is a factory product.