This quote is an example of characterization as it explains the type of character Fortunato is "a man to be respected and even feared." It should be noted that Fortunato's name is an example of irony because in the end he is not fortunate.
The prepositional phrase would be: in the chilly water
The meaning of the text here is rather descriptive than have any specific semblance.
Explanation:
The text given here is highly descriptive and draws into a larger scene of significance with its expansive imagery and the employment of the rich motifs one can see here.
The motifs include the trumpet-vine which is symbol of riches and prosperity here.
The blossoms of the trumpet thus are on arbor and are also covered in red and gold so it is either a ceremony or a celebration that is here that is being talked about in this richly decorated text.