We present a new reconstruction of the mass density and the peculiar velocity
fields in the nearby universe using recent measurements of Tully-Fisher
distances for a sample of late spirals. We find significant differences between
our reconstructed fields and those obtained in earlier work: overdensities tend
to be more compact while underdense regions, consisting of individual voids,
are more abundant. Our results suggest that voids observed in redshift surveys
of galaxies represent real voids in the underlying matter distribution. While
we detect a bulk velocity of $\sim$ 300 \kms, within a top-hat window 6000 \kms
in radius, the flow is less coherent than previously claimed, exhibiting a
bifurcation towards the Perseus-Pisces and the Great Attractor complexes. This
is the first time that this feature is seen from peculiar velocity
measurements. The observed velocity field resembles, more closely than any
previous reconstruction, the velocity field predicted from self-consistent
reconstructions based on all-sky redshift surveys. This better match is likely
to affect estimates of the parameter $\beta = \Omega^{0.6}/b$ and its
uncertainty based on velocity-velocity comparisons.Comment: accepted for publication in ApJ Letter