"If she slipped she recovered her footing, and it was only afterward that she was aware of having recovered it each time on a slightly lower level." Edith Wharton's encapsulation of the narrative form of her tragic (and sexy) 1905 novel, describing the progressive defeat of socialite Lily Bart by the ugly indifference of Wharton's own leisure class, is given an extra touch of Catholic doom in Terence Davies's passionate, scrupulous, and personal adaptation, which to a surprising degree preserves the moral complexity of most of the major characters. It's regrettable if understandable that the Jewishness of social climber Sim Rosedale (Anthony LaPaglia) is no longer an issue, and Lawrence Selden, Lily's confidante, is somewhat softened by a miscast Eric Stoltz, but the cast as a whole is astonishing--especially Gillian Anderson as Lily and Dan Aykroyd in his finest performance to date. Davies feels and understands the story thoroughly, giving it a raw emotional immediacy that would be unthinkable in the shopper-friendly adaptations of Merchant-Ivory and their imitators, and the film's feeling for decor and costumes, derived from both John Singer Sargent paintings and Orson Welles's The Magnificent Ambersons, is exquisite. With Terry Kinney, Laura Linney, Elizabeth McGovern, and Eleanor Bron. 140 min. Wilmette; also Music Box, Monday through Thursday, December 25 through 28.