The best way to conceal the cord and have it still in operation is by decorating it as something else.
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Disguise the pull cord as a lamp by placing a small lampshade over the end of the pull cord. This way, the pull cord can still hang down, but it will look as if it were a lamp. Ensure that the lamp shade you hang from the cord will not be damaged by pulling the cord down.
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Convert the cord into a mobile or other decorative item. You can do this by attaching a toy or series of toys, feathers, or beads. Attach small photographs to the pull cord to make it seem more like a family mobile.
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Shorten the length of the cord to make it less obvious in your hallway. Obviously, you will still need to reach the cord, but depending on your height, the length of the cord may be longer than it need be. Cut the length of the cord down, and it will be away from eye level, meaning that you will notice it less. This will also prevent children from accessing the attic.
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Paint the cord to conceal it further. Most pull cords are white or off-white. Paint the cord to match the color of your walls, not the ceiling. This will mean that until you get close to the cord, it will blend into the walls, and will only be visible from close up.