What does "tolu" mean?

Tolu: A fragrant balsam said to have been first brought from Santiago de Tolu, in New Granada. See Balsam of Tolu, under Balsam. Tolu tree (Bot.), a large tree (Myroxylon toluiferum), the wood of which is red in the center, and has an aromatic rose odor. It affords the balsam called tolu.