phone jack reading 0VDC between ring and tip

I was recently replacing a phone jack in my living room, but when I plugged in the phone there was no dial tone. It's my understanding that the "on hook" voltage is about -40VDC between tip and ring, but when I measured the pins with my multimeter it read 0VDC. To rule out a faulty multimeter, I then tested a jack which I know works, but again I read 0V. I then found the wiring block in my basement and measured between the tip and ring and this time read -46VDC. I suspect the jack I wanted to replace is probably disconnected somewhere inside the wall, but my question is, what about the jack that I know works? Why would it read 0V and not -40V? Does this have something to do with the impedance of the wires or something else?

A phoneline is around 40 to 50 Volts DC at rest.

When the line is engaged it drops down to a couple of volts.

When a ring signal is present about 80 to 100 Volts AC signal is superimposed on the DC Voltage.

Check for loose connections or broken wires.

A good start is to begin from a working socket and then check for faulty wiring.

Thanks for the info, I found a loose connection in the ceiling in my basement, after repairing this I now have a dial tone.