score:8
John still held the priesthood during that time (as did the three Nephites who were given the same blessing as John), but the function of the priesthood was limited to his particular, ministerial duties. In other words, the fulness of the Priesthood was not active because its keys did not remain on the earth.
John was not called to be the President of the Lord's church, and thus didn't hold all the keys to the Priesthood. Those keys needed to be restored so that a new prophet (President of the Church) could be called. Peter, James and John together could do this, because they were commissioned by Christ; and Peter, as the president of the primitive Church, held the keys and could confer them.
Upvote:5
Another note I'd like to point out, as far as the LDS have been given, they do not know of them ordaining anyone to the priesthood after the first century AD (IMO they were either commanded not to or knew something about what time the Lord would command it to be given again). According to the LDS, John and the three Nephites had the priesthood but to mankind in general it was closed after it was lost to wickedness. At what point that happened exactly isn't found in LDS scripture, although various individuals have different ideas. All that is known is by the time God and Christ appeared to Joseph Smith is that they said of the churches that there was none. (this can be found in the Joseph Smith history segment that is included in the standard LDS set of scriptures)