Whether you call them ‘saddle shoes,’ ‘saddle oxfords’ or just plain ‘saddles,’ the saddle shoe, introduced early in the 20th century as an athletic shoe, has enjoyed nearly a century of popularity. Many people associate saddle shoes with the 1950's while in fact the style has been used and reused by footwear designers since their introduction (1906) and have appeared in every shape and color combination imaginable. Saddle shoes are truly the ultimate ALL AMERICAN SHOE. [http://www.muffys.com]
The saddle shoe is a low-heeled, oxford, casual shoe characterized by a plain toe and distinctive, saddle-shaped decorative panel placed mid foot. Saddle shoes are typically constructed of leather and are most frequently white with a black saddle, although any color combination is possible.
Check 'Saddle Shoe Habitat's' photostream on Flickr for more saddle shoe images:
Also, this is the prettiest reproduction I found on the internet: http://www.cruisinaust.com.au/girlsshoes/saddle.htm