This happens during bootstrap; see bug#11649.
lisp/makefile.w32-in (BIG_STACK_DEPTH): Enlarge to 2200.
+2012-06-09 Eli Zaretskii <eliz@gnu.org>
+
+ * makefile.w32-in (BIG_STACK_DEPTH): Enlarge to 2200. (Bug#11649)
+
2012-06-09 Chong Yidong <cyd@gnu.org>
* face-remap.el (face-remap-add-relative, face-remap-set-base)
# During bootstrapping the byte-compiler is run interpreted when compiling
# itself, and uses more stack than usual.
#
-BIG_STACK_DEPTH = 1200
+BIG_STACK_DEPTH = 2200
BIG_STACK_OPTS = --eval "(setq max-lisp-eval-depth $(BIG_STACK_DEPTH))"
BYTE_COMPILE_FLAGS = $(BIG_STACK_OPTS) $(BYTE_COMPILE_EXTRA_FLAGS)