This is a VERY short story that I read in Junior High - either 7th or 8th grade, I would have been between 12 and 14 years old at the time, it was no later than 1989.
As far as I can recall this story was only a few pages long - I doubt it was more than 6 pages, possibly only a page or two.
I think it was a 'spooky story' handout for Halloween, part of a booklet/magazine that the school gave out, but, it may have been in a short story collection from either the school library or the scholastic book club.
The plot of the tale was that there was a rash of strange deaths in a city, bodies were found dry and flattened out, the corpses resembling a piece of paper.
It turns out that a sewer monster was doing the killing - he had huge hands covered in suckers, and he'd suck all of the liquid out of a person, until they were dry and flat, like paper.
The creature's limbs were rubbery and could stretch up around manhole covers and sewer drain grates.
That's all I can remember - the image of corpses that resembled sheets of paper has stuck with me, I'd love to track this tale down.