Hello YuriB,
Dumb questions on my part, maybe...
Are you asking about paralleling the solenoids or the contacts?
"Current relays" suggest to me that these are interposing relays within a control circuit, in which case if the coils are being paralleled their impedances may differ enough that they won't carry their load current evenly, compromising the accuracy of pick-up and drop-out settings...and I'm guessing that in this case the contacts would be wired in series so if either relay picks up it will initiate whatever needs initiating.
However, you also mention 1/2 HP and 1/4 HP relays, which suggests you're not asking about current relays being supplied from the current transformers of a large motor, but instead about overload relays whose solenoids carry the load current of the motor itself...in which case the impedance sharing characterisic of two coils in parallel would still apply, and the interrupting duty of the contacts is not to open a control circuit but to interrupt the actual load current. If this is what you're asking about, I'd agree with zeusfaber; one will consistently win the race, and the "losing" relay's contacts will end up interrupting the full current...although this wouldn't necessarily be an issue if your design takes into account both the interrupting and continuous current carrying capabilities of the contacts in question.
CR
Carl
"As iron sharpens iron, so one person sharpens another." [Proverbs 27:17, NIV]