I've carried out some test with a BT 301C tester I was kindly loaned.
I've taken various photographs and posted the
pictures here.
The meter leads are 1 meter long, and plugged into the test socket. I have approximately 4 meters of CAT5 from the master socket to the location of the original master socket, where the CAT5 is jelly crimped to the in coming pair.
I also took the liberty of connecting the meter to the other pair in the original master socket location, which gives a very similar trace, these pictures can be seen by clicking the
sub album linkOn both lines the section after the last peak appeared to fluctuate up and down a little bit. I tried phoning the land line and it didn't seem to make any difference, perhaps the fluctuations increased in frequency a bit.