Further investigation reveals that Windows 8.1 itself is swallowing the alt key scancode; certain Windows-blessed programs, such as Word and Wordpad, that have defined actions for alt key combinations just as alt-s for save as, do receive the keystroke. What seems to be happening is that Windows it itself swallowing the keycode and issuing a Windows event. If an application doesn't read the Windows event, then it appears no key at all was pressed.
So, I can still do what I need to do, just not the way I had expected. Thanks to all who offered suggestions.