There shouldn't be any DC voltage going out on the other side of that phantom power supply. To measure the voltage on the microphone side, Pin 2 (positive) to Pin 1 (negative), should be around 48 v DC. Also, the voltage, Pin 3 (positive) to Pin 1 (negative) should also be around 48 v DC. There should be no voltage measured from Pin 2 to Pin 3. The PS-2 is a pretty good phantom power supply if used with microphones that don't have a high current need.