Checking for 'cp'...
Checking for 'rm'...
Checking whether gcc requires '-mno-cygwin'...
Checking whether W32 API headers are too old...

C:\Users\gutov\vc\emacs-trunk\nt>gcc -IH:/Apps/System/gnuwin32/include -c junk.c 
Using 'gcc'
Checking for libpng...
...PNG header available, building with PNG support.
Checking for libgnutls...
...GNUTLS header available, building with GNUTLS support.
Checking for jpeg-6b...
...JPEG header available, building with JPEG support.
Checking for libgif...
...GIF header available, building with GIF support.
Checking for tiff...
...TIFF header available, building with TIFF support.
Checking for libXpm...
...X11/xpm.h not found, building without XPM support.
Generating makefiles
        1 file(s) copied.
config.settings
gmake.defs
..\nt\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\admin\unidata\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\lib-src\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\lib\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\src\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\doc\emacs\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\doc\misc\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\doc\lispref\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\doc\lispintro\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\lisp\makefile.w32-in
        1 file(s) copied.
config.settings
gmake.defs
..\leim\makefile.w32-in
        1 file(s) copied.

XPM support is missing. It is required for color icons in the toolbar.
  Install libXpm development files or use --without-xpm

Important libraries are missing. Fix these issues before running make.