What values did Martin Luther King Jr. reveal in his first speech as president of the Montgomery Improvement Association?

The major values that King revealed in this speech were a
commitment to non-violence, a belief in democracy, and a belief that Christianity had a
role to play in bringing about social justice in American
society.

Of course, King and his audience were very upset
with specific aspects of American society and democracy.  However, he specifically
glorified American democracy in this speech.  This shows a commitment to the idea that
America and its democracy were special. As King says:

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And certainly, certainly, this is the glory of
America, with all of its faults. (Yeah) This is the glory of our democracy. If we were
incarcerated behind the iron curtains of a Communistic nation, we couldn't do this. If
we were dropped in the dungeon of a totalitarian regime, we couldn't do this. (All
right) But the great glory of American democracy is the right to protest for
right.

King also revaled the
idea of nonviolence.  He rejected the idea that the protestors would use weapons or that
they would act like the KKK by committing acts of violence against their opponents. 
King told the crowd that

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The only weapon that we have in our hands this
evening is the weapon of
protest.

He also said
that

There
will be no white persons pulled out of their homes and taken out on some distant road
and lynched for not
cooperating.

Finally, King
reaffirmed the place of religion and Christian values in the movement that he and his
audience were starting.  He specifically said that it was a Christian movement.  For
example,

...we
must keep God in the forefront. (Yeah) Let us be Christian in all of our
actions.