With nothing plugged into the input jacks, you should read a short from the hot terminals to ground. You should see this at the 68K resistors, too (the ends not connected to the tubes). This is the switch on the jack connecting hot to ground to mute the channel if nothing is plugged in.
With a patch cord plugged into a jack, the switch opens and you should no longer see the short from hot to ground at that jack. You should see continuity from the tip of the free end of the cord right to the 68K resistor that's associated with that jack.
With your tester, beeping means continuity. If you are looking for shorts that shouldn't be there, you should hear no sound. If you are looking for something that should be connected, there should be a beep.
I prefer a good digital ohm meter when looking for continuity. If you see 0 or .1 ohms, you know for sure the connection is good. A cold solder joint that's gone reisistive might show good if the tester's threshold is 100 ohms.
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