McMurtry was a lawyer and graduate of Harvard who served with the Rough Riders during the Spanish-American War. He was awarded the Medal of Honor for his heroic actions with the "Lost Battalion" in Charlevaux, in the forest of Argonne, France, 2-October 8, 1918. His citation reads, "Commanded a battalion which was cut off and surrounded by the enemy and although wounded in the knee by shrapnel on 4 October and suffering great pain, he continued throughout the entire period to encourage his officers and men with a resistless optimism that contributed largely toward preventing panic and disorder among the troops, who were without food, cut off from communication with our lines. On 4 October during a heavy barrage, he personally directed and supervised the moving of the wounded to shelter before himself seeking shelter. On 6 October he was again wounded in the shoulder by a German grenade, but continued personally to organize and direct the defense against the German attack on the position until the attack was defeated. He continued to direct and command his troops, refusing relief, and personally led his men out of the position after assistance arrived before permitting himself to be taken to the hospital on 8 October. During this period the successful defense of the position was due largely to his efforts." He went on after the war to make millions in the stock market.