Your telephone line is a private circuit. Chances are, if someone's phone line got a short circuit -- the other circuits are intact -- it's not everybody elses.
That may be true if you're a rural customer and/or have DSL. However, if you live in a (sub)urban location and don't have DSL, chance are you're provisioned from a SLC-96. If so, your line is only private between your residence and the SLC-96 cabinet. From that point on to the central office, you're sharing a circuit with 23 other customers (a SLC-96 cabinet has 4 active DS1 circuits, with 1 spare; 4 x 24 = 96, hence the name).