A nice, conservative method for coming up with bearing values, based on N values, can be found in a couple charts published back in 1969 (2nd print) by B.K. Hough, "Basic Soils Engineering," pp 308 and 309. I used these charts for many years with success. As near as I can estimate, these values for bearing will result in about 1/4" settlement. And, these charts were developed with manual hammers. If your N values are from an auto-hammer, the results could be really conservative. As CISGeotechnical indicated, there are two modes of failure... bearing and settlement. As long as there is no bearing failure, the bearing pressure you select will be (somewhat) dependant on the settlement you can live with. Now that is probably more than you really wanted to know.....