This paper investigates the ring-theoretic similarities and the catego
rical dissimilarities between the ring RFM(R) of row finite matrices a
nd the ring RCFM(R) of row and column finite matrices. For example, we
prove that two rings R and S are Morita equivalent if and only if the
rings RCFM(R) and RCFM(S) are isomorphic. This resembles the result o
f V. P. Camillo (1984) for RFM(R). We also show that the Picard groups
of RFM(R) and RCFM(R) are isomorphic, even though the rings RFM(R) an
d RCFM(R) are never Morita equivalent.