Coolant Problems

[Kisner]

I just restored my 68's heater box assembly. My problem is when I hooked everything back up and filled the radiator with coolant, it appears it's not circulating. The shop manual says it should hold 14.7 quarts. Before I cranked it, I know I probably only added half that at most. I expected that once I cranked it, it would go way down as it filled up the block and heater core. After I let it run 10 minutes (3 different times), it hasn't budged. Could my water pump or thermostat have gone bad? How can I tell? For the past 2 months, the fan's been making a squeeling noise when I initially crank it, but it goes away after the engine warms up. I chalked it up to one of the belts being loose - just haven't got around to it yet. However, both belts feel right when I test the tension with my finger (I can push them down about a half inch).