It was not until 1955 that the U.S. had more tractors than horses and mules working on farms. A brief thread (from this awesome paper) on what mechanization did for U.S. agriculture. https://www.nber.org/papers/w7947.pdf
The tractor:
Replaced about 23 million draft animals, and expanded the draft-power on farms more than four-fold.
https://www.nber.org/papers/w7947.pdf
The tractor:
Increased the effective cropland base by 79 million acres. This represented an increase of about 30%and was equal to 2/3 of the total cropland harvested in 1920 in the territory of the area of the Louisiana Purchase.
https://www.nber.org/papers/w7947.pdf
The tractor:
Increased the effective area of pastureland by about 80 million acres. This land was largely converted from feeding horses and mules to providing food and fiber for human consumption.
https://www.nber.org/papers/w7947.pdf
The tractor:
Was one of the great labor-saving innovations of the twentieth century. Relative to the horse technology that it replaced, in 1960 the tractor reduced labor requirements by about 1.7 million workers.
https://www.nber.org/papers/w7947.pdf
The tractor:
reduced farm labor equivalent to 25% of farm employment in 1960 and 28% of
the decline in farm employment between 1910 and 1960.
https://www.nber.org/papers/w7947.pdf
The tractor:
Accounted for about 37% of the growth in farm size between 1910 and 1960. The average American farm in 1960 was 58 acres larger than it would have been without the diffusion of tractors.
https://www.nber.org/papers/w7947.pdf
The tractor:
Accounted for the disappearance of at least 967k farms by 1960.
https://www.nber.org/papers/w7947.pdf
OK a few more charts.

1/ Total farm horsepower increased 5x over five decades; animal horsepower peaked in the 1920s.

2/ Mechanical horsepower was 50%+ of all farm horsepower by 1940.
https://www.nber.org/papers/w7947 
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