Abstract. This paper investigates the ring-theoretic similarities and the categorical dissimilarities between the ring RF M (R) of row finite matrices and the ring RCF M (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 RCF M (R) and RCF M (S) are isomorphic. This resembles the result of V. P. Camillo (1984) for RF M (R). We also show that the Picard groups of RF M (R) and RCF M (R) are isomorphic, even though the rings RF M (R) and RCF M (R) are never Morita equivalent.