The stability of multi-branched solutions of the nonlinear differential equations describing four-wave mixing for the case where an electric field applied to a photorefractive medium (such as barium titanate) is investigated, and details of the method of analysis are given. It is found that although the steady-state solutions may exhibit hysteresis, such behaviour is probably not practically realizable since in all of such cases investigated, one or more of the branches is unstable. It is also found that for high applied fields, there is no stable solution except for very small pump beam intensity ratios.