Welcome to C&V.
Did you count the bearings as they came out? If I remember correctly, nine are in each side of a rear "Schwinn Approved" hub. I'll look for a diagram.
It might be time to replace the old steel rimmed wheels on your Continental. You can save the original hubs and relace new aluminum rims on them. A bike shop will charge you about $150 to do this, so you have to decide if it is worth the expense.
Or for a less, you could order these wheels which will come with new hubs.
Best of luck.
http://www.bikepartsusa.com/bikepart...=wheel-27_inch
http://www.bikepartsusa.com/bikepart...=wheel-27_inch