DCNY CORP <DCY> HIKES QTLY DIVIDEND Discount Corp of New York said its board of directors increased its quarterly cash dividend to 20 cts a share from 15 cts a share. DCNY said the dividend is payable April 15, 1987 to shareholders of record April 1 , 1987. Since the last two-for-one stock split in May 1985, the corpoartion has customarily declared 15-cnt-per-share dividends for the first three quarters and a final fourth quarter dividend based on its total earnings for the year. As previously announced, DCNY said its board has also recommended a two-for-one common stock split to shareholders. If the split is approved at the May 13 annual meeting, the quarterly dividend rate will be adjusted to 10 cts a share, DCNY said.