I have two 24VAC transformers. If I hook the voltmeter to contacts 1 & 2, or 3 & 4, it measures about 26 volts. If I connect it to 1&3 or 1&4, or 2&3 or 2&4, I get zero. I would have thought that it wouldn't matter, just as if I would have plugged one half of a power cord into one outlet, and the other half in the other half of another outlet.
Background of how this question arose if interested - I have a thermostat that had one of it's wires shorted, so I needed to add a 2nd transformer near the thermostat. The first transformer (the transformer originally providing the power before the wire shorted) is near the boiler. The problem I had was that I was powering the thermostat entirely with 2 wires from the 2nd transformer, but the boiler valve was powered by 1 wire from the thermostat, and 1 wire from the first transformer. Which didn't work.