These are two separate lake creatures, who in the past generated their own legends.
The Stansbury Island Monster:
"Monster that Swims and Flies sighted on Stansbury Island Shores" was a July 30, 1903 headline in the Salt Lake Telegram newspaper.
Martin Gilbert and John Barry were two Utah hunters who claimed to spot the creature, which they said was some 65 feet long, with an alligator-like head, spiny scales all over its body and wings than spanned 100 feet.
The men saw the creature fly and eat a horse whole. They shot at it, though all that did was mean some salt crystals rained down on them, as if the monster had armor of crystal salt.
They tracked the creature to a cave, but dared no enter inside. Soon, the creature flew away and when it came back about an hour later, it had the mangled horse in its mouth. After eating, it entered the lake waters and swam northward until it disappeared.
Although the Herald newspaper reported the initial report with no skepticism, the following day was different -- The Herald Newspaper on Aug. 1, 1903, reported: "The monster, the two hunters described carried enough salt encrusted on its body for every person who read their tale to have accepted the story with several grains of salt. However,t he impression that one of the imaginative nimrods in none other than Walt McDougall, who writes strange animal stories and draws wonderful pictures for the children, is growing daily. -- Editor the Telegram."
-And those two references were all there was to the Stansbury creature.
The Panguitch Lake Monster:
The Salt Lake Herald of Sept. 21, 1878 carried the headline, "A Lake Legend: The Monster of Panguitch Lake: What the Indians say of Him, His Coming and His Going."
The story recount a lengthy Native American tale of the lake monster where the beast killed a hundred Indian maidens. One warrior vowed vengeance and eventually stormed the lake with thousands of warriors. The beast fled southward in a great flood and was eventually swallowed up in the Earth at the sink of tghe Sevier River.
A July 4, 1891 story in the Deseret Weekly newspaper stated that Panguitch Lake cannot boast of it monsters, like Bear Lake, because it has none.
-In addition to the monsters already mentioned, there are tales of a Sevier Lake Monster (since that's where the Panguitch Lake Monster supposedly went, though in recent decades there is NO water there); there is also the tale of a Utah Lake Monster and also the report of a sea monster on the north end of the Great Salt Lake.
-Add all the sea monsters up, 10 at Bear Lake in the initial report and those recounted here and there are at least 15 total monsters in 5 different bodies of water.